I'm not a fan of the Elliot Waves theory, but if I was, then I would say that the correction is likely over. It could still drop to 8.5k before bouncing.
I would wait a confirmation of a reversal before taking any position in the market.
BINANCE:BATBTC is currently hovering above critical trendline support, while forming a falling wedge pattern and a clear bullish divergence on the RSI. All this stuff makes me think that a bounce is very likely.
As you all know Bitcoin dropped ~84% from 20k all the way down to 3k. In the past few months Bitcoin has been painting a bottoming pattern: the failure swing bottom from Dow's theory. I see that absolutely no one talks about this pattern, instead I just see people who talk about an ABC correction that will bring us to new lows, like 2k or even 1k, which in my...
The 2 months long bearish triangle is coming to an end, so the price must take the decision of where to go. Personally I think the most likely way is to the downside, because WAVES went in a bubble and very likely it did not find the bottom yet.
The next levels of price to watch for a likely bounce are 60k, 50k and 40k satoshis. Those levels have been important...
I developed an indicator, the Saracino Bitcoin Momentum Index (SBMX). On the monthly chart it has been a reliable indicator of a bottom in the past bear markets and right now it is giving a bottom signal for 2018/2019 bear market.
I officially call the bottom.
This is just the worst case scenario, don't take it too seriously. BTW it is still a possibility considering that stocks were in a bubble pumped artificially by the FED. We'll check at least 2 years from now.
This is an extremely bullish case for long term based on past market cycles. $20k would be reached exactly 2 years from now.
ALERT: not a financial advice, just based on past movements and assuming Bitcoin has already bottomed. It is still very likely that BTC could drop even lower than $3k. Stay tuned.