max_powers

Keeping eye in Bitcoin

BITSTAMP:BTCUSD   Bitcoin
In a short term I expect the correction wave continues down to 0.318 fib crossing the support level, which is @ 7411.
Later the reversal is expected to happen, with targets @ 9881, which is 0.682 fib of the correction wave and the price will go out of the triangle and rapidly continue its movement up to 13900, which is the next anchor level.
However, this is a bullish trade scenario.
The opposite possible scenario is when price breaks through the support level at 0.318 fibonacci and falls down to the bottom, below the 5000 mark. In this case we will see the bearish market till price reaches approximately 4900 and reverse there.

So the key thing is will the price break the 0.318 (7411) or not. If it breaks through I will consider short trade, otherwise - long.