Today's decline stopped around 23% retracement of bull run on BITSTAMP:BTCUSD from $1830 to $4979. It is likely this was just temporary bottom and BITSTAMP:BTCUSD will go lower later.
Higher probability targets where correction can end are $3800 which also coincides with bottom of correction we witnessed during August and $3400 that would be around 50% retracement of whole move.
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BITSTAMP:BTCUSD reached low at 4000 yesterday and now it is bouncing back. It should not go much higher from current levels of 45xx. Any move above 4600 will probably mean we are going to see re-test of recent ATH at $5000.
Check this, the last run up to 3k sold off to 1800ish which is 0.618
$5000 to $3000 is 0.618 almost exactly
BTC sells off to $3000, but even $3400 would be a good catch before reversal
ryopphdi
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@bmgbmg, The point is there is more other fibo ratios located at 3400. Also if you check the chart in August we had short consolidation around this level. in general 61% retracements are common but there is more support around 3400 level than at 3000. of course market will tell us which way it chooses ;)
ryopphdi
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Just spotted that if next leg down starts from current levels and gets extended by 1.618 this will finish around $3000 level. This means wave C would equal 1.618 x wave A.
tereskapl
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check this and go LONG
ryopphdi
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@tereskapl, Lifetime opportunity is when you buy an asset close to the very bottom. Now we are within bull market that lasted for months. So this IS NOT a lifetime opportunity ;)
Check this, the last run up to 3k sold off to 1800ish which is 0.618
$5000 to $3000 is 0.618 almost exactly
BTC sells off to $3000, but even $3400 would be a good catch before reversal