As noted in the previous post, it was going to be interesting to see if BTC bounced, which it did (the 0.618 fib at $8200 did not hold, but the next fib level at $7600 did). The following scenarios are possibilities to keep in mind.
- I like the scenario shown above. If BTC follows this EW count, we are looking at $8500 soon before $7200. The good news is that if this hits in the coming week or so, this may signal what may be the enormous bull run of 2018.
- As a variation to scenario #1, BTC prices may continue to drift downward for the next few weeks until a new low is found. From there, we resume the long-term bull crypto market.
- Another scenario is we go up to near-term targets of $8800 and $9500. If BTC breaks above $10K again, it is likely that the market will move sideways for the next few weeks into April.
With the very low trading volume, it is likely that all of the weak hands have been flushed from the market, and we are very close to the bottom.
Updated: Well, there goes market manipulation and algorithm trading causing instant price dump from $8300 to $8000
and then back up above $8K: