Let's use Elliott wave Theory to analyze where Bitcoin is currently at.
For your reference below - Elliot Wave Theory.
My analysis of Bitcoin using Elliot Wave Theory.
We are currently in the final wave C of the Elliot Corrective ABC wave pattern.
My view is that wave C will end where there is strong support around $7500, if that support fails, then around $5500.
For those that missed out on selling near the top, it probably is a good bet to HODL or buy (more) around the support zones.
The Elliot Wave pattern may repeat forever, so after wave C, I expect another Impulse Wave Pattern.
Historically, the holiday season, Christmas, New Years, Chinese New Years has been a weak period for cryptos.
Around Chinese new year or shortly afterwards, I expect cryptos will be back in full swing, stronger than ever!
Provided that there are no forthcoming catastrophic news for cryptos, the downside for this correction is around 50%. The upside afterwards is much much higher, possibly over 1000%.
I see this as an excellent opportunity to buy or accumulate more cryptos if you have the skin to be in this volatile rollercoaster crypto ride.
Good luck everyone, let's keep the dream alive !
Personally I've been happy hodling what I have through this correction. It'll take a monumental drop for me to really deploy a lot of capital at this point. It's kind of hard to get too excited about these drops when you've seen prices so much lower.
What's your strategy been through this correction?
In short my strategy has been playing the long game play. The smart coins will eventually win over their dominance over currency only coins like Bitcoin. ICO's are such great value, but its important to pick the very best ones.
Historically we've always seen a big bull run after these corrections. Either cashing out at annual expected times of correction (ie pre Jan) or just ignoring the numbers and holding seem to be the best policy. Important to remember gains and losses are only potential gains or losses until you sell.