Option bear: BTC C wave correction heading 7700 - 7200 zone

I'm keeping it really simple. The orange line below is the uptrending support line starting mid 2017. Elliot wave has completed wave 1, 2, 3, 4, 5, and A + B correction wave. We are in a very strong C wave correcting down with a lot of selling power and not a lot of resistance, its almost like if its too easy. Keeping in mind all the good news we have had lately and all the new institutional buyers we probably do not want to cross the orange uptrending support line as this doesnt benefit anybody trading this market in the long at. At least not the big players, they want cheap BTC to eventually have a long term stable and most profitable investment, and hopefully at some point get a bit less volatile. It rarely has happened we actually hit the supporting uptrend orange line so the zone to finish the strong momentarily correction is probably somewhere in between 7700 / 7200.

Yorum:

We'll it took longer then expected but it seems we have arrived.