For the past week or two I've been warning that BTC needs to hit the daily 150EMA to complete its correction. We just hit that bottoming around $9,200.
Article proof here: https://steemit.com/bitcoin/@bodaggin/i-warned-btc-correction-wasn-t-over-did-btc-trick-you
Posted on Dec 22:
Today's market:
So where does BTC go next?
Satisfying the 150EMA could mean the correction is complete. The Elliott Wave models show the possibility for a minor corrective bounce, and a final wave 5 down. Maybe to 8,000? I don't know.
What becomes complex is a "C" wave correction is usually similar in time and duration as the "A" wave correction before it. In fact, "C" must be a minimum of Fibonacci 100% of distance traveled in "A". The "A" wave in this case is very messy, which could mean "C" will also be messy. So if we allow for messy counting (something I'm hesitant to do), it could mean "C" is similar to "A" and showing basically complete. I don't know.
Primary forecasts for the past week have been between 8-10k, and unfortunately even currently between 8-10k we still don't know. All we know is we're close to the POTENTIAL beginning of the next larger wave up. There's an outside chance that we're already in the bubble bursting phase of crypto as well. (Yes crypto is a bubble).
Let's watch and see.
DISCLAIMER: This is not a trading recommendation. Crypto markets are fast moving, highly volatile, and high risk. Do NOT make trades based on this analysis and do not risk more than you're willing to lose entirely, 100%, all of, in trading. This is simply one opinion, not advice in any way.