The latest contraction, pullback, was a 50% fib from the latest impulse alright... the thing is... the high possibility of a deeper correction remains. We could revisit a lower 50% Fib from a lower impulse for example. I use the 50% as a guidance of an area of interest.
Being more optimistic, we are looking around the 45k level, otherwise it could go as low as levels around 35k. That is just a simplistic superficial view. (Usually the best way to go)
Saying that, there are strong macro events playing counter wise to the deeper contraction suggestion, such as the massive stimulus taking place in the US.
I still convinced however, that a deeper contraction is at play, mostly for technical reasons. For the bigger players it also makes more sense to have the bubble revisiting lower levels, so they can cash in existing profits and reload.
The latest growth was too explosive and too fast for BTC, and usually it is short lasting, as I said before.
Finally, I think that, after a deeper pullback, the market would be a lot healthier and ready for new heights perhaps.
Being more optimistic, we are looking around the 45k level, otherwise it could go as low as levels around 35k. That is just a simplistic superficial view. (Usually the best way to go)
Saying that, there are strong macro events playing counter wise to the deeper contraction suggestion, such as the massive stimulus taking place in the US.
I still convinced however, that a deeper contraction is at play, mostly for technical reasons. For the bigger players it also makes more sense to have the bubble revisiting lower levels, so they can cash in existing profits and reload.
The latest growth was too explosive and too fast for BTC, and usually it is short lasting, as I said before.
Finally, I think that, after a deeper pullback, the market would be a lot healthier and ready for new heights perhaps.
