Hello my fellow cryptocurrency trader, how is this Tuesday treating you?
I am hoping you had a great Full Moon day yesterday...
Please, allow me to ask you a few questions related to Bitcoin, reply in the comments with your thoughts.
Bitcoin Sentiment
The Crypto Fear & Greed Index is now set at Extreme Fear (1), it has been like this for weeks.
Bitcoin Weekly Chart Technicals
We have a few technicals to look at on this candle chart before getting to the questions.
Bitcoin has been dropping since early November and just last week hit a new low.
The total decline is now at 42.67% since the early November $69,000 BTCUSD peak price. (2)
We have a perfect nine on the TD Sequential. Even though the count can go for longer, up to 13, this is normally considered an over-extended market.
Once we have 9 consecutive sections hitting new lows a pullback is due to take place. (3)
The last bullish wave went for 112 days. The correction until the last low went for 63 days. That's a total of 175 days. 63 days of correction is very close to 0.618 (61%) of the whole cycle, which is the Golden ratio. Corrections tend to end at this level. (4)
We have additional signals...
(+) Last weeks low coincides with Septembers 2021 low. (+) This is also the 2nd wave of an impulse; Corrections can end at the low of wave 2 based on EW... There is more.
I am not saying that prices are going up... I just would like to ask you some questions.
Questions - Reply In The Comments
1) What to do when the market is in "Extreme Fear"? What do you make of this signal?
2) Is a 42% correction big enough for a price bounce?
3) What do you make of the -9 count on the TD Sequential?
4) Where do you think Bitcoin is headed by the end of the month? What's your monthly close price prediction?
5) Can you hit LIKE now? :D
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In Bullish market you create Bearish Scenario and in Bearish market you create Bullish Scenario by drawing random , horizonal, vertical lines . Exactly what you trying to figure out reversal or something extra . Instead why don't you give advice sell till given target in bear zone and buy till given target in bull zone. Why always give opposite scenario .