Buying BTCUSD Can Be Good Idea, But Not with 50K Target, Not Yet
Hello traders.
I don't want to be a buzzkiller, but we need to be realistic about Bitcoin -2.86% . The drop from 20,000 can be whole correction, but it is almost impossible. Because the corrective structures need to spend a lot of time before complete itself. Also, there is a time relation between impulse and its correction. After an impulse which took 4 years to complete (I ignore everything before 2013, because there wasn't any real trading market) , correction cannot be completed in 2 months. If this was a forex or commodity chart, I could tell you that the completion of correction probably will take minimum 3 years. This is a guess based on some statistics, but we don't have enough data in cryptocurrency market to have such a statistic yet. That's why I can't forecast how long it will stay in correction, before it starts next big impulse. I can only say that 2 months are too short.
I drew the following charts based on this fact only. But please keep in mind, these are wild drawings and shouldn't be consider as my forecast (P.S. What you see in Published Idea screen is my short term expectation). As I said, time factor is unknow, and I drew all corrective structures (waves between 2 same color lines) as regular flats but there are 10 different corrective patterns. I labeled all waves with ABC , but clearly some of them will be 5 wave structures.
What I'm trying to explain here, if you bought Bitcoin with 50K expectation, you probably will be happy, but it will take a lof time. You should be ready for it...
I don't want to be a buzzkiller, but we need to be realistic about Bitcoin -2.86% . The drop from 20,000 can be whole correction, but it is almost impossible. Because the corrective structures need to spend a lot of time before complete itself. Also, there is a time relation between impulse and its correction. After an impulse which took 4 years to complete (I ignore everything before 2013, because there wasn't any real trading market) , correction cannot be completed in 2 months. If this was a forex or commodity chart, I could tell you that the completion of correction probably will take minimum 3 years. This is a guess based on some statistics, but we don't have enough data in cryptocurrency market to have such a statistic yet. That's why I can't forecast how long it will stay in correction, before it starts next big impulse. I can only say that 2 months are too short.
I drew the following charts based on this fact only. But please keep in mind, these are wild drawings and shouldn't be consider as my forecast (P.S. What you see in Published Idea screen is my short term expectation). As I said, time factor is unknow, and I drew all corrective structures (waves between 2 same color lines) as regular flats but there are 10 different corrective patterns. I labeled all waves with ABC , but clearly some of them will be 5 wave structures.
What I'm trying to explain here, if you bought Bitcoin with 50K expectation, you probably will be happy, but it will take a lof time. You should be ready for it...
Komentarz:
Now, It is time to look at buying chance, because corrective structure looks like completed. Buy after break out the yellow trendline.
