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BTCUSD is scary but not hopeless.

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Bitcoin (BITSTAMP:BTCUSD)  
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BITSTAMP:BTCUSD   Bitcoin
Trend Analysis Chart Patterns Wave Analysis btcusdlong
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trendanalysis chartpattern waveanalysis btcusdlong
BTCUSD is scary but not hopeless. It can be seen from the analysis that bitcoin corrects with a double wave sequence. In the figure, I drew the distance W1ATR (yellow square). This means that according to the value of W1ATR, the price movement travels this distance in 1 week. So we have now reached the bottom of the correction level. I expect to turn north from this level and assume a further rise. IMPORTANT NOTE. In the event that the price movement falls below 33037usd (W1ATR correction level), it could fall to nearly 18,000 usd. Therefore, make current long entries only with narrower STOP distances.
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In case the decline continues, it is advisable to look for short entries with a target price of 17000 usd.
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