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One small retrace for Bitcoin, one final BTC rocket to the moon!

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BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As we see Bitcoin lose 10% of it's market cap in 6 hours, it would be easy to worry of a fall to 6k and beyond (and let's be clear there is still risk!). In the short term, things do look bearish , but this could be the setup to a midterm bull market and new ATHs!

As BTC makes it way down the 9s, it will meet resistance at 9.4-9.6k. Ideally we would see a bit of a bounce here before retesting it and letting the bears have their way. The number we want to be working down towards is 8.9k and this is for 2 reasons:

1. This is where the .500 fib retracement is from the 2 week bull run
2. This is where the right shoulder of a head and shoulder pattern would form which started all the way back in early Jan

Credit on the H&S goes to @krototar who posted about this a week ago. Whilst it isn't a slam dunk, the fact it matches very close to the 50% retrace gives me confidence that we could see the market bounce there in the next 3/4 days. I'm afraid you may bleed in the meantime, but this is where you learn!

Ready yourself for those buy orders if we get confirmation of a bounce on Sunday/Monday!



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