Here is my BTCUSD wave analysis.
Looks like BTC is performing a big (A)-(B)-(C) correction pattern.
Now btc forms wave (C), which should have a 1-2-3-4-5 structure.
wave 2 is expected to form a-b-c pattern and reach next targets: 12395, 13892 and 16315. (fibo extensions of blue wave a)
After that big fall should unfold. sooner or later.
Target 1734 $ is an of (A) wave.
Daily 14 is under 50 level.
It's log scale chart.
Wave c should not extend over wave (B) end - 17439 level. it is a stop loss for this structure.
BTC is like Amazon in early 00'.
Amazon shares lost 95% of its peak value after dotcom boom came to its end. Bubble burst
and price droped from 113$ to 5.5$ per share. now its price is 1400 $.
I expect BITCOIN to loss about 90% of its peak value.
7598 is 61.8% retracement of 0-19891.
price reached 1st target and bounced away, increasing by 18% from today's low.
BTC dropped 32.8% since I posted a short idea on jan29.
price may continue cruising toward 1740 level after forming a reasonable correction pattern.
U forget about supply provided by those, who bought bitcoin and/or other crypto currencies with only one purpose: to sell it with higher price.
Not to use it as a currency but to trade it making use of price change.
In panic of price fall, buyers will become sellers and drive price lower and lower.
Jesus some of you guys are clueless.
To compare with smth: apple's shares risk is 13,5%. (5month)
Bitcoin 5 month CV (risk) is 163%.
to compare with smth: Apple's shares 5m risk is 13.5%.