I don't like to be the "ominous bird" but if a week ago I was a 100% bullish person, today my feeling is changing as I see that the correction could be even deeper.
According to Elliot Theory, it seems quite possible that what we are seeing on the chart is a 5-3-5 correction in ZIG-ZAG ABC.
There are 5 waves formed that make up the major wave A, currently, BITCOIN is working wave B, upwards.
This wave B usually reaches the top between 50% and 85% of the path of Wave A, I have set the target at 61.8% FIBONACCI which is very common, which would mark that the top of this path is at 68900$.
From there, if I'm right, we would have wave C down. Wave C could be composed of 5 waves if it is extensive, and very possibly it reaches deeper than Wave A... I have no other alternative, if this is so, than to look for a "floor" around $51,000...
Although I hope I'm wrong and that the theory doesn't come true this time...
Posted Using InLeo Alpha
I do feel that BTC will dip into the 50's but unsure if it will go below $58K or so. Hard to say
I don't see it dumping to 45K like some people are predicting.
Anything can happen and I honestly wouldn't be surprised. BTC can cooldown until the halving.
I don't see that happening either.If Bitcoin closes below 59 candles, then we may see this scenario play out within the market.
I still believe BTC will still dip a bit further downward