[UPDATE] Bitcoin Daily Update

As we discussed yesterday, most probably BTC started the ABC correction. If so, most probably BTC will bounce back up to somewhere around 11K. After that we can see a dip like we saw yesterday. If that occurs, it can be mentioned as the last correcting C-wave, what means that BTC will start soaring again.

If we zoom out we still see an uptrend. There are several scenario's that can occur in the long run: 
1) BTC will follow the orange trendline that is based on an extend fib retracement. 
2) BTC will exactly follow the same trend as in December
3) BTC will follow the uptrend that it is in right now

Scenario 3 is the most healthiest scenario of all scenario's, but still parabolic. And, as we all know, parabolic rises come with parabolic drops. So, we still will see corrections, but as long we are in an uptrend everything is OK. 

For your information, in all scenarioś we will see Elliot Waves, but the peaks and bottoms can be different per scenario. 

BTC-update-8march.png
  Longer perspective

Longer perspective

John Daluso