Not what most people want to see. (Note that I'm still learning how these things work). Yet the data all points in one direction.. down. At least for a little bit longer. Using Elliots wave theory we have definitely done the A,B portion of the ABC correction, the question is "how low do we go?" for the "C" portion?. I have two boxes marked out.
The first one is a good candidate with RSI level and MACD showing support of an upturn here shortly, but I have to note that strictly based off elliots wave theory we haven't dropped enough at those levels. Further note it is possible for us to see an extended 5 wave pattern in the "C" corrective wave which means we will drop further.
My second box drawn is a SUPER MAJOR support line AND elliots wave theory lines up. This is where I would feel most comfortable buying in. If we break this year long support... well then bad days are coming. (I do not foresee this happening yet I always consider every possibility)
Overall, short-term BTC -16.50% is going to keep dropping, long-term HODL that shit.
The first one is a good candidate with RSI level and MACD showing support of an upturn here shortly, but I have to note that strictly based off elliots wave theory we haven't dropped enough at those levels. Further note it is possible for us to see an extended 5 wave pattern in the "C" corrective wave which means we will drop further.
My second box drawn is a SUPER MAJOR support line AND elliots wave theory lines up. This is where I would feel most comfortable buying in. If we break this year long support... well then bad days are coming. (I do not foresee this happening yet I always consider every possibility)
Overall, short-term BTC -16.50% is going to keep dropping, long-term HODL that shit.