Extended Corrections

... Seems like the window of buying opportunities just opened up for a little longer. I can see that several of my buy orders have went through, from $10 000 down to $8 500. I have more coming all the way down to $4 000. Like I said in my previous Bitcoin update, if we pass the 200 day moving averages we're probably going down to the 300 day line (purple line). That target is at around $8 200 and if the support doesn't hold, then we're probably heading down to the next support line. So what does that mean? Should you sell or not? I can't make that decision for you, I'm not an oracle nor a financial advisor. I can only provide my predictions based on what I've learned. One of the lessons I've learned is that in times like these, selling bitcoin to buy the dip is extremely hard. You can make it a lot easier buy having cash on the side and setting many buy orders along every support level. If you don't have cash at hand, then hold and have patience cause we will come back from this. Corrections like these are normal and are as natural and needed like burning leaves in spring. Here are some important updates that maybe will give some insight and perspective on what can come.

Bitcoin (BTC)

Corrections usually ends at the 61.8% fibonacci level or even lower around 80% depending on how extended the 5th impulse wave is. My initial correction target was at $8 500 and I think we're gonna stop somewhere around this area. However it's also probable that we go down to $5 500 if we break $8 000. ![Screen Shot 2018-02-01 at 20.35.45.png](https://steemitimages.com/DQmT75F6iXSdH6nBBqTea7zhpqQimLvNa8huHMYppPwnNZj/Screen%20Shot%202018-02-01%20at%2020.35.45.png) ![Screen Shot 2018-02-01 at 20.37.52.png](https://steemitimages.com/DQmUK9YNrfMpCqVRyWU4oYf6KtjpbXU7hRSxMZASJwtCq3q/Screen%20Shot%202018-02-01%20at%2020.37.52.png)

Verge (XVG)

Don't try to catch a falling knife. Even though we're forming a long bullish wedge, we can't know for sure when the correction is over. If you wanna buy, I would wait til we break the upper line of the triangle. ![Screen Shot 2018-02-01 at 20.08.16.png](https://steemitimages.com/DQmThMo7bKk6zoi6w8scXgoxD94mLPWiiJckZLE3CGA7PrD/Screen%20Shot%202018-02-01%20at%2020.08.16.png)

Tron (TRX)

Same here. I wouldn't buy in until we pass where the A line is. That would mean that C line is valid and correction can be over. Or if you wan't to be conservative, wait til we pass the upper triangle line with some good volume. ![Screen Shot 2018-02-01 at 19.57.51.png](https://steemitimages.com/DQmdGQUz1JD4P1zeeFouGkmhNiW7gr97HSQHWB8cDcZv5Lp/Screen%20Shot%202018-02-01%20at%2019.57.51.png) Please up vote and resteem if you like my posts. I'm grateful for all support I get and I will try to post as often as needed. Follow me on Twitter and turn on notifications to get instant updates at http://www.twitter.com/benkalashnikov Disclaimer: I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.