However, I believe this correction is only short-term. The could be a of wave 1. If that is the case, we could get targets of $23,000 after a short correction phase! It also mean that we have yet to see the biggest impulse wave in all of Bitcoin's history (disclaimer: in terms of $ gained not % gained)!
The correction gives us a buying opportunity for those who missed out when I predicted Bitcoin would bounce of 13,000. It is important that we buy when the price dip and not when prices rises. Warren Buffett once said, "Be Fearful When Others Are Greedy and Greedy When Others Are Fearful". Everyone is predicting that Bitcoin resumed its downtrend, but we need to remain calm and know that its the only time we can get the best price. Others are fearful, we buy.
Note: Some may say that we are forming a big double tops pattern (red semi-circles). I would disagree. One of the rules of the double tops pattern is that the last leg have to retrace to the middle dip. For the pattern to be valid, we would have to retrace to $13,000. If the pattern completes, we could see prices of 11,000!
I am still new at this and I was wondering which time frame you are looking at? If you are looking at the short time frame, do you expect the correction to be over a short time?
The correction process may take several days. However, it might even be completed by now with Bitcoin just briefly touching our buy zone. Still, I think Bitcoin might touch the buy zone a second time.