THE BOMETEER

So, a really important update on $BTC .

IS THE CORRECTION OVER?

TL:DR: Correction is already over. We are entering another bull run.

Long read:
Considering 56k as the bottom, correction is already finished, and thus it's a good time to start buying stuff.

So, there is a Principle some of you might be familiar with, which is The Wave Principle of Elliott, and this can be used to estimate when a correction will end. As seen in the image below, we are already past point "c" of the correction wave on the daily scale, and shall 56k be the bottom, what can be expected ahead is the next impulsive wave, which will break the All Time High.

I keep stressing the "if 56k is the bottom", because it could be that wave "c" is still not formed, and for instance, will appear as a lower low (likely 52-53k, which is Fibonacci's Golden). One thing is for sure: according to this Principle, paired with Fibonacci's, BTC should never go below 52k.

With that, it is indeed a good time for spot, a good time for long-term margin & long-term futures, if you'd like. Just don't leverage too much and don't go all in, as it is not set in stone whether or not wave C is already formed.

If we get a reversal confirmation for point [C] in below's image below, which will happen once the price reaches 66k back again, then the current correction coincides with Fibonacci's 50% retraction, indeed characteristic of this complex correction wave of the Wave Principle.

From now onwards, I will be bullish about Bitcoin as well as all altcoins.