Hello all, i hope you're all well!.
Well it has been a wild week that's for sure, I just thought i would post another chart due to the sudden change in circumstances (i would have posted this sooner but I'm currently away, great timing right :P), well as most of you probably know by now the fork (Segwit 2x has been cancelled/postponed), now I'm not going to get into the political side of things and tell you if i think its for bitcoins best interest or if i don't think its for the best as I'm not here for that.
But as many of you probably know it has been pretty much tug of war between two side's, those who wanted segwit 2x to be implemented to help scale it up to increase the TPS and those who don't want it to happen for a few reasons one being that they believe the hard forks will tarnish bitcoins long term potential.
Now in my last chart i done i predicted it to get just under the 8K mark and then go onto correct, now i got the price right but it happened a little sooner than expected due to the sudden change. Since we have had the new's about the cancelation/delay we have also had a lot of FUD start to take place as expected, the biggest blow in my opinion is all the BCH articles that have appeared, claiming the original bitcoin will close it's doors within 6 months and that BCH will eventually become bitcoin . Again i am not here to try manipulate anyone so i won't go into detail as to which i think is best BTC or BCH but over the last few day's it is clearly obvious thats BCH has taken some of BTC market cap, this could be due to a few things and as i always tell people "People follow money, it's as simple as that", all these articles that have come to light target the "mass" investors, most of the big players are already one step ahead as they tend to get information quicker and won't be manipulated by a few articles, it's a very strategical more on BCH side i believe, there couldn't have been much of a better time for them to make their move.
Now onto the chart, it is correcting just as i expected and i still believe we will see it correct the whole 35% and use the 5K mark as support, But if it breaks through the 5K mark i think we might fall back down to around the 3K as i think a lot of panic selling will start coming into play if we can't sustain the 5k mark.
Anyhow i wish i could go more in depth on the situation but I'm currently away and have only managed to find a small time slot in which i could catch up on some work, so i am now off to enjoy the rest of my break!, i hope you all have a good weekend and when i am back i shall look into doing some other charts!
Again this is all my personal opinion on the matter so please don't make any finical decisions due to the information/predictions that i give, as always take it as a pinch of salt and come to your own conclusions. be clever and trade safe! Peace out! https://www.tradingview.com/chart/BTCUSD/TYR4VlZs-The-Bitcoin-correction-has-already-started-My-opinion/