You are viewing a single comment's thread from:
RE: Bitcoin (BTC) Expected To Make Deeper Correction Before Recovery
As far as Elliot Waves go, this is a pretty textbook play as you mentioned. There aren't too many ways to draw the waves. However, a 60% correction from ATH seems a bit much considering there was already a 40% correction right after the ATH. I can definitely see the price touching 11K and then 10K though.
Hi
Thanks for the comment :)
I understand what you mean, it would be a deep correction, however, I feel it is possible with all the negativity around 1st Gen BTC fee's and transaction times. Also, $8k is an untested level as support and the longer price stumbles around, the more nervous it makes investors. When we see the drop to near $10k, I think the panic could certainly drive us lower and touch those untested levels.