BTC/USD - possible deep correction in connection with futures
December 10, futures for Bitcoin will be launched. Opinions are different in this regard, perhaps in this way the financial regulators will want to lower the price of the first crypto currency from the sky.
A rising market full of new energy and a rising market cap will see a change in behaviour in regard to "corrections" based on history. Last two corrections (July & September) occurred over 20 day periods. Seemed like longer however when you look at the charts that is what it was. Now with institutional money coming in, AI, bots and a better infrastructure I feel you will see smaller, faster and more aggressive corrections in the form of flash crashes. However the market cap is still small in real terms so no doubt we will see another correction similar to the last two. How long will it last? 1, 5 or 10 days? 20? Large institutions are still pumping funds into the space so the price of BTC will become again volatile. Holiday periods (Christmas) by tradition normally see a pull back and that is highly likely and in many ways we are seeing this happen now. I feel it will come early. My overall impressions is if we will see a correction it will start to happen now and will last a shorter time than before. We still have big money coming and a mainstream yet to enter however I am sure BTC and crypto will be a hot topic around the dinner table. Come 1st of January....Boom!
Thank you for your opinion on bitcoin
I have also felt a correction is due given the parabolic rise. But again I have been thinking a correction is due right from the time we crossed 6k and hit 8k and 10k and none of those phases were correction. Some of them were just consolidation phase ... I think too many folks are waiting for correction with $ parked ( like me) or with Tethers and are ready to jump in when price falls. So may be that is why we see some small swings but price seems to be going up again and again ... We do need a big FUD to see price drop... as someone who put too much into Alt coins rather than BTC, I for sure would love a drop to load on BTC. Hope you are right mate!
You don't need FUD to see a price drop when the market cap is still relatively small. You will see large institutional money in the billions enter and exit the space and due to the size of market cap, 30 - 40 billion movements effects prices dramatically. We have already see that this week. 450Billion down to 390Billion cap. BTC price has reflected in the movement. Will be interesting to see how long the energy can be held down. CME still to come in on the 18th Dec. Will create a lot of attention in financial channels setting up a very big January 2018.
from December 10 to December 25, the situation will clear up a little. While you can stock up on popcorn and watch)
A drop would be nice as it's very overpriced at the moment.
I agree
Are those Elliott wave counts you have plotted on the chart ? If so then you might want to reconsider it as Wave 4 never goes into the price territory of wave 1 !