We observed Bitcoin over the winter and followed it closely, as it was indicating deeper bottom, however it turned around and went up in few, lets say, manipulation-like movements (that 30 minute candle going up 1000$ without any follow up or logic, as it was possible to buy that much coins at 7000 level without hassle).
Dusting off my bitcoin chart I noticed we may still be in the corrective wave 5, that has ABC structure, and that it's A = 5000$, so if C = A we may see another 5000$ drop from recent highs, pointing towards 4500$ level which was marked in my last BTC analysis.
This is just my observation, I have not decided to get back in this yet, some shorts I had were closed due to very tight stops, so I'm on the sidelines now and would stack up massively if this dip occurs as it should indicate that this thing still follows EW theory meaning it's upcoming jump will take us much higher than the last one in December '17.
Remember: when mainstream altcoins follow BTC in real time, i.e they don't rally massively or drop on their own but instead only react to what BTC does - we are still in the bear market.
Dusting off my bitcoin chart I noticed we may still be in the corrective wave 5, that has ABC structure, and that it's A = 5000$, so if C = A we may see another 5000$ drop from recent highs, pointing towards 4500$ level which was marked in my last BTC analysis.
This is just my observation, I have not decided to get back in this yet, some shorts I had were closed due to very tight stops, so I'm on the sidelines now and would stack up massively if this dip occurs as it should indicate that this thing still follows EW theory meaning it's upcoming jump will take us much higher than the last one in December '17.
Remember: when mainstream altcoins follow BTC in real time, i.e they don't rally massively or drop on their own but instead only react to what BTC does - we are still in the bear market.
