Based on Elliott Wave Theory, Bitcoin has undergone a long 7-month correction, during which several panic sells occurred. If we assume that the most recent panic sell marks the bottom, the most likely scenario from a long position perspective would look something like this. Just to note, I remain neutral in my outlook, but I wanted to share this scenario with you.
Note
If this plays out, there’s potential for a rally through October, November, December, and even into January.Note
Therefore, in the current situation, I would advise against jumping to conclusions in either direction, whether long or short. Instead, I recommend carefully observing the market.Note
I’m currently keeping most of my Bitcoin and altcoin holdings as they are, having only reduced my positions slightly. I don’t see any reason to sell more at this point. The key question is simply where to buy more. Additionally, the important issue isn’t the spot market, but rather deciding when to enter a long position on Bitcoin, even if it's a bit late.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.