Bitcoin - the end of the drama or only the middle section

BITFINEX:BTCUSD   Bitcoin / Dollar

There’s a small possibility that we have already seen the low at 5,758 $, but I do not believe in that. The actual impulse downwards is not completed yet, I suppose, so there’s a good chance to come down deeper.

Where does the journey take us?

The most expected movement in my view you can see in the chart above. I think that it ends between 5,561 $ and 4,970 $. From there we will see a strong reaction right back to 9,999 $ - the sore point of the game. If BTC is not able to get through it, we will fall back to 4,970 $ and much deeper. If this happens everything is possible on the downside.

So be careful! I am not invested. I am sitting on the sideline with popcorn in hands. Think of it, maybe there are other markets much easier to trade.

Do you have any other ideas?

Please leave a comment or a message, if you have any questions!

Take care
Kommentar: Doesn't looks like an impulisive movement. So, I think we are moving up to wave 4 and then turn into the last wave 5 to complete the correction. Maybe in the red box you see in the chart below.
If 4.970$ does not hold, BTC will go to hell. Then it is questionable whether it will ever go up again. If so everything up to 9,999$ could be part of the correction pattern. This we should keep in mind!