When BTC correction will be finished?

We are living days of uncertainty.

Everybody has doubts about the end of the BTC correction. The fact is that you can never envisage the correction with 100% of certainty.

What we can do is to monitor the evolution of the BTC price and do some discerniments or possible scenarios in order to take decisions and place your buying or selling orders accordingly.

Any approach can be valid, MACD, RSI Indicators, EW-Technics, Pattern Recognition etc... But, in my opinion, the analysis which works better for me is the Elliot-Waves combined with Pattern Recognition.

On that regards, I would like to share with you the following chart in which I have drawn a HEAD & SHOULDER Pattern, STILL to be Confirmed (4h-chart):

In this case, the BTC price crosses the NECK-line we would confirm the pattern and so, the consequently downtrend will reach lower levels, very likely with a target drop equal or around the Pattern Height. So, I would expect a drop of the price till 5500 USD (4700 EURO) or so.
That would be the worst scenario.

Are we completing a BEARISH FLAG?

Pattern Recognition Methods also identifies this Kind of pattern as a very bearish one:

In this case, it will be confirmed if the price rebounds on the upper dashed line and cross the bottom support line, the minimum drop would be here reaching a minimum of 10K USD.

Those scenarios are just possibilities still to be confirmed

A couple of possibilities between others, but I feel still both are very likely to occur...

So, I prepare my cards conveniently...

Enjoy and think that corrections can be also good buying entries!

*This is just my personal point of view, please, do your own assessment and act consequently.

Thanks @ toofasteddie for keeping us allert.

there is another pattern to add into this TA which is the the behavior of the markets during the holiday periods and especially of Christmas. Both people and companies have to close the year, account for everything added to the need to be calm or even the need to remove a certain fiat for whimsical produces this behavior in the markets, not only in the cryptomarket, tradit as well.

That's correct as well

The only thing that gives me hope is that the volume is not confirming a head and shoulders pattern the way it should. We should have seen a spike in volume into the head and that didn't manifest; it actually kind of did the opposite, so it gives me hope...a small amount of hope because it is still a scary looking chart.

Agree as well but what about the second option? Do you think BTC would drop lower than 10KUSD?
Thanks for commenting

No, I don't think so...not for the near future. I think we are putting in another bottom soon. There is just too much money on the sidelines wanting and waiting for an entry to get in now and although we've gone up a ton this year, this "bubble" has just gotten started. If it was going to prick $10k, I think it would have done it last week. So much money has been printed around the world that $500 Billion isn't what it used to be. I know that sounds ridiculous, but its true...and with futures trading starting, they are starting to link wall street money to this market, they can't afford for it to bring down stocks and bonds.

Good analysis @toofasteddie. While I do not put any of my portfolio into Bitcoin, I still think it is good to keep an eye on it for other trends. The whole market has been on a bear run, but once the new year kicks in I think that people will get back to cryptos :)

Yeah! agree, I'm not putting so much in BTC but since it is the current king of the market and also being the coin to buy the others we are totally BITCOIN dependant so, placing an eye on it is a must.

Here are some target for bottom of correction#23. Happy new year 2018!