Filtering out intraday noises, #BTCEUR monthly has been in a very tight range since BTC struck a ATH in March.
Looking closer at the weekly, the "drop" from the March top has been corrective and looks more like a consolidation/bull flag than a crash. Again from last week: even a drop into 45k #EUR is very bullish, a typical target range of 4th #Elliottwave is the 0.236-0.382 retracement of the 3rd, in this case roughly 52k-45k. Warning for long term holders: under 34k is not good!
Getting to the daily, typical targets for the ABC pattern are 1.0/1.236/1.618 extension of A, here 52k-49k-45k. Where did I hear that range before?
While I much prefer a lower low to be seen, to be more confident about the pattern but also to be able to buy more, we're technically close enough to declare the first target of 52k has been reached. It would be a pity if the correction ends here.
Attention check: without going back to the monthly chart above, did you notice the drop since July?
Now sentiment check: did you panic for the drop of the last few days? Should you?