cmercier
Long

BTC/USD: End of the correction?

BITFINEX:BTCUSD   Bitcoin / Dollar
I believe the bottom of the correction will be at $8800 for a few reasons.

If we look at the natural price progression of BTC             , had it naturally progressed instead of going completely parabolic at the end of last year, the price would be at exactly $8800, which also happens to be the 200 EMA and a very strong support. Moreover, we are just about to be oversold.

If we break under the the 200 EMA , we may very well enter a long bear market with the next strong support level at around $6000. OUCH.

A *LOT* of institutional money is about to enter the market. For this reason, I don't think we'll break below the 200 EMA . The last time we were trading under the 200 EMA was Oct 15, 2015 following a long bear trend. We are likely on our way to a recovery within the next few days.
You are ignoring other indicators that are important. FIB levels are already broken beyond repair which indicates a 100% retracement. I would look at it from a historical price perspective. BTC has more 100% corrections than people know about lol. Keep up the ideas flowing. ;)
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