In my opinion, BTC is just having a small retracement. As you can see on the chart, after the 0WXY correction late Feb, we're having in my view the first set of impulse waves (Wave 1 to $12.5k).
In the last week, we could clearly see five even smaller waves forming, in the form of a rising wedge. For this reason, last night I sold @11.55k.
It's not a big wedge. I think we probably have reached the B leg of this minor Wave 4. My correction target is $11k & the eventual target for Wave 5 will be $12.5k.
Please remember that BTC has broken out of the downward channel since December.
In the last week, we could clearly see five even smaller waves forming, in the form of a rising wedge. For this reason, last night I sold @11.55k.
It's not a big wedge. I think we probably have reached the B leg of this minor Wave 4. My correction target is $11k & the eventual target for Wave 5 will be $12.5k.
Please remember that BTC has broken out of the downward channel since December.
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I think this is about it as far as correction goes. Perhaps it'll take a while & several attempts before going up again. There are many people spreading FUD again. I hope they short now and cover when their targets are met :D
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I believe what's really happening is that 1. altcoins are down because people rush to bitcoin, 2. the same people see altcoins are down & want to get out of bitcoin, too. perhaps by May, bitcoin will post ATH; then, people will start talking about 100k seriously & major altcoins (led by ETH, which has suffered profusely) will boom.
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Dump is hard. many shorts. There's indeed a scenario where incredible growth we witnessed before it's history as banks start to get involved and more sophisticated investors gain control of the market
