BitcoinLong
Behemoth Bitcoin Bounces Back!!
Bitcoin suffered a huge retracement from highs, bringing us down to the high 
29K's from the 40K handle. This was quite a drop and it squeezed out a lot of weak hands, some of which had never experienced such a squeeze in crypto. This is normal for all cryptocurrencies especially Bitcoin and this is the type of thing you should always be prepared for. Consider dips like these a buying opportunity. It would be nice if Bitcoin would range a bit at lower levels, giving us time to accumulate a position, but we aren't the only ones thinking this and the price was immediately bought back up to 35K, where it sits now. It could go either way at this point. If the corrective phase of our Elliott Wave is done, we could be seeing the beginning of another 5-3 Elliott Wave and therefore another run for highs. If we are wrong, and the corrective impulse is not done yet, it could take us further to 28.5K or even 24.4K.
29K's from the 40K handle. This was quite a drop and it squeezed out a lot of weak hands, some of which had never experienced such a squeeze in crypto. This is normal for all cryptocurrencies especially Bitcoin and this is the type of thing you should always be prepared for. Consider dips like these a buying opportunity. It would be nice if Bitcoin would range a bit at lower levels, giving us time to accumulate a position, but we aren't the only ones thinking this and the price was immediately bought back up to 35K, where it sits now. It could go either way at this point. If the corrective phase of our Elliott Wave is done, we could be seeing the beginning of another 5-3 Elliott Wave and therefore another run for highs. If we are wrong, and the corrective impulse is not done yet, it could take us further to 28.5K or even 24.4K.
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