The big question on everyone's mind:  Is Bitcoin done correcting or is it going lower?  As I look at various traders' predictions, I see a mixed bag of interpretation.  Those that say it's going lower seem rather confident in their opinions.  Those that say it's done correcting seem less sure and they're also posting two probable outcomes.

I've only been toying with and studying the I Ichimoku cloud indicator for a few days now, so I thought I'd share my interpretation of Bitcoin's probable direction since I'm now a world recognized expert at TA and actually know what I'm talking about.  (yes, that's sarcasm -- I am *still* learning so help me improve my game with your commentary!)

I personally think that we are not quite done correcting.  We just had a bearish TK cross just above the Kumo cloud and BTC's price has crossed through the cloud to the other side so now the cloud is the resistance instead of support.

![](https://steemitimages.com/DQmXH7mYf4uBtgeNMJSFoeZkESmiW12Qv5tXVroJEBZrtTg/image.png)

This exact same pattern appears to have played out with ETH not too long ago:

![](https://steemitimages.com/DQmYsB8T4BWoxjfQ5BPhoGW5wachJKnQTyTyuvscKLCv9Pw/image.png)

While ETH's downtrend was dramatic and lengthly after the same signal, I do not believe Bitcoin will follow in similar fashion.  It's likely to go down more, yes, but I believe Bitcoin will bounce off it's main trend line, which has been in place since September.  Here's a zoom out on the daily with the supporting trend line in bold red:

![](https://steemitimages.com/DQmXPqZD8X1dVNoNuBHL7WLoiBdDZFcJGtYsZn1TPnSHQVZ/image.png)

My best guess is that Bitcoin will go as low as this trendline and it will resume a steady rise along this trend line in the coming months.  

*As Dennis Miller says, "That's just my opinion.  I could be wrong."  Or to listen to my lawyer: The above is my opinion  and is for information purposes only.  I am not a professional and the above is not intended to be investment advice.  Seek a duly licensed professional for investment advice.*