ABCDE Consolidation for BTC, 2 More Weeks of Chop, $37k By April
BTCUSD and crypto in general has taken a hammering this month - not only from the cyclical dips that crypto has every time this year but with the added Fear/FUD of more bans, futures manipulation, and calls by governments for regulation on the volatile crypto industry.
Also a lot of new money has been scorched which will have the effect of slowing down crypto more than our usual corrections, not to mention the negative media surrounding Crypto and people who literally bought the top and with shaky hands sold the bottom.... All of which are the results of a whopping 50% retracement from $20k down to 10k (or below). But the market was red hot and practically vertical. That's also why I think this consolidation will take a lot longer than previous waves - hence my prediction for it to continue for another 2 weeks in an ABCDE correction wave.
The extended consolidation we're currently in was inevitable after such a huge bull run which personally I think was whale manipulation in the lead up to CBOE & CME Futures opening up with the aim to push BTCUSD as high as they could pre launch of futures contracts and then have a 50% retracement/dump for maximum futures profits.
The next futures contracts will close towards end of Feb - so my anticipation is for it to almost double from the last close which is my touch point on the impulse wave - however to get there the last correction still needs 2 more weeks of consolidation and stability before it can reach for $20k again.
I can see a double top forming at $20k for the end of wave 1 on the new impulse wave with a small correction wave (2) before new ATH's with an extended long wave 3.
My price prediction for BTC is $37k in April.
Buy the FEAR, sell the FOMO. Good luck!
Also a lot of new money has been scorched which will have the effect of slowing down crypto more than our usual corrections, not to mention the negative media surrounding Crypto and people who literally bought the top and with shaky hands sold the bottom.... All of which are the results of a whopping 50% retracement from $20k down to 10k (or below). But the market was red hot and practically vertical. That's also why I think this consolidation will take a lot longer than previous waves - hence my prediction for it to continue for another 2 weeks in an ABCDE correction wave.
The extended consolidation we're currently in was inevitable after such a huge bull run which personally I think was whale manipulation in the lead up to CBOE & CME Futures opening up with the aim to push BTCUSD as high as they could pre launch of futures contracts and then have a 50% retracement/dump for maximum futures profits.
The next futures contracts will close towards end of Feb - so my anticipation is for it to almost double from the last close which is my touch point on the impulse wave - however to get there the last correction still needs 2 more weeks of consolidation and stability before it can reach for $20k again.
I can see a double top forming at $20k for the end of wave 1 on the new impulse wave with a small correction wave (2) before new ATH's with an extended long wave 3.
My price prediction for BTC is $37k in April.
Buy the FEAR, sell the FOMO. Good luck!