Bitcoin - two possible paths
Disclosure:
I am long BTC / USD (long-term position)
I am short BTC / BCH (short-term position)
I am short BTC / IOTA (short-term position)
Net I am long BTC in value
Scenario 1: bullish scenario
BTC rebounds on the support line and confirms we finished wave 4 and starts wave 5. Target about $12,800
Scenario 2: bearish scenario
Wave 5 is over and we are in its corrective wave. BTC breaks the neckline of the head and shoulders with a target at $7,500.-
The $7,200.- is 78% retracement of the 1, 2, 3, 4, 5 wave. Which could be a area to target if we break the support.
Legal Disclaimer: I am not a financial advisor. This article is only meant for use as informative or entertainment purposes. It is not a recommendation to buy or sell anything.
I would count the current wave as 5, then ABC correction. If it is wave 3 then we should not have a deep correction to $7500, it will invalidate the wave count.
Doesn't matter if all you are doing is HODLing. What matter is BTC's price in 2021. Long term is often misinterpreted in crypto due to its volatility. Long term HODLing could be 3 to 10 years or more and is not something which is within a year or so.
BTC is the Alpha but IOTA is gearing up to becoming the best utility coin out there. There couldn't be a comparison between BTC and IOTA as both serves different purpose or rather IOTA servers more functions the BTC.
Though good luck to all HODLing in this space. Keep up the good work. Cheers!!!
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