If we look at the previous retracements or corrective swings on BTC we can see some cycles. The last correction took just the days to decline 40%. If price falls from here (35-36 bar cycle) and if you measure the previous move it took 61-62 day. We are at the turning point today. We can see the previous correction took a little longer and corrected 40%. Therefore we can predict where price could terminate during the next decline or corrective wave.
However, we could just keep going higher. While I am overall Bullish on this chart I am waiting for a correction within the long-term trend. A correction is a pullback and does not change my bias on this pair this is why I label this chart as long as I am looking to buy into the trend- I am not a countertrend trader.
However, we could just keep going higher. While I am overall Bullish on this chart I am waiting for a correction within the long-term trend. A correction is a pullback and does not change my bias on this pair this is why I label this chart as long as I am looking to buy into the trend- I am not a countertrend trader.