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Bitcoin (BTC) - don't sell your house... just yet!

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The small uptrend we are seeing now in BTC is just a corrective wave B, according to my analysis.

It should bring us into 9,5k - 9,6k territory (or higher, if some FOMO kicks in), and then I expect to see a C wave down.

What are the targets?

1.) If we get a very bullish correction, we could put in a double bottom at around 9k.

2.) More likely is a deeper drop somewhere between the 0.382 and 0.5 Fib-levels, between 8,3k - 8,7k.

3.) Also possible, but hopefully will not happen, is a retracement to 7,9k or even lower.

Only if we retrace lower than 6,640 $ we would be in real trouble, since that would indicate a wave failure, and further corrections (= continuation of the bear market). Let's hope that it does not come to that - but also, let's be prepared for the possibility.

Good luck!

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If my analysis is correct, we will actually form a classic Head & Shoulders pattern, which I'm sure many analysts who don't use Elliott wave theory will be eager to point out, soon.

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They can then trade the brakeout from the neckline, while we can sell at the high of wave B, as soon as we see that this analyis might be correct.
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Wow, that was an incredible crappy B wave, if it's already completed - but maybe it was just the half of it yet.
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Looks like this was B indeed. Now let's see how far down we go.
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Well well, looks like the real "fun" started.

That B wave looks very strange indeed, but let's assume that it was a valid B wave for now.

If wave C will have the same length as A, then our target is around 8,370$.

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Mind you, C can extend way over that, but it can also be truncated - so be careful.
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We are getting closer and closer to my target.

If we get down there, it's very like that we will touch the 50% Fib-level, which is at 8,300$.
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*very likely
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My target is reached, hopefully we will get a bounce from 8,3k.

Otherwise next stop is 7,9k.
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I believe that this correction is done, but of course you can never be sure with BTC.

It can always dump more than you think.

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And finally the bigger picture:

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BTC has formed a nice triangle, which often appear at the end of C waves.
We are breaking out of it just as I write this.

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Bitcoin (Cryptocurrency)BTCBTCUSDElliott WaveFibonacci

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