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RE: BTC trendline bounce

in #btc7 years ago

My break of the Feb lows has a target of a 4000 break. That is when bitcoin has dropped over 80% of its value from the peak and where we likely bottom. I believe taking out 10k with this rise only prolongs this consolidation period of months and would be the worst thing that could happen. Bitcoin has not and will not bottomed until we get capitulation bottoming action, not front running of support.

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From an EW perspective I don't see any way for this to still be part of the correction, if 10k gets taken out with this move up.

Projecting that far ahead is nearly impossible, charts may look entirely different