Not so bright new year? Is correction over or $5500 BTC?

BITFINEX:BTCUSD   Bitcoin / Dollar
223 2
After hitting 20k on some exchanges before Christmas sell off, is the correction over? As in in my previous analysis on

We are testing the lower limits of zone. These are difficult and crucial time for crypto market in general. Why? We saw a great bull run from the $5000 area since the cancellation of November folk. If you see during those time, LTCUSD was under $80, ETHUSD was around $300. I do not know what news will trigger such sell off but there are key levels that I want to really pay attention at and waiting for the market to unfold. Dont guess. But we must be ready for different scenarios to unfold.

Scenario 1
Theres many sign of bearish to $5500 in 4H and daily charts . First I see potential of Head and Shoulder only the $12700 level to be taken out, also I see bearish flag on daily time frame. If $12700 is taken out we have a support at 11,000/8,500 and 5,500 to complete the pattern.

Scenario 2
It take down to 11,000 and form triple bottom and bullish divergence and return up.

Scenario 3
Or it can take another route which it can too that only smaller pattern it formed the double bottom and as the time I am writing this its creating a higher low which mean it should not have a candle lesser than today lows of 13,100. If it does scenario 2 will be in play and if $11,000 cant hold we will the mentioned levels.

For long term port you can hold, but until theres a clear reversal sign personally I have more than half in cash in my portfolio.

So what are your thoughts? Is it over and we are going to 22,000 soon? or we are heading down to start again at 5,500?

Comment and tell me what you think, merry x mas and happy new year, happy trading and investing.
Trade ist aktiv: Its seem the market still undecided and still goes sideways in this correction wave. I will be looking a stand at 15,500 for opening long.
Its seem the market still undecided and still goes sideways in this correction wave. I will be looking a stand at 15,500 for opening long.
I personally have limit buy orders in at 11,235, 10,340, 8,340, 6340, and just for fun, 4,220. I have simply seen way too many analysis that are technically sound but that all point to different levels. The only thing I am fairly confident in is that there will be a further correction.Lets just see if I hit all my buy orders, or just the top ones. What do you think?
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