Bitcoin - The Correction and Rise to Heaven.

Bitcoin has been very bullish the past 2 months, broken through several resistance lines (1350/1550 USD) without too much hassle but all this positive volume is slowly coming to an end. Longterm fibs show us that we have hit the 1.618 (1872 USD) retracement and the next stop 2.618 would be at 3030 USD. A few reasons why we first need to correct and stabilize before further upward movement is possible.

1. Still some scalability issues
2. MACD/RSI at top for weeks now..
3. Hit retracement level, price is up 63% past month so fast movement
4. BTC is losing it's market dominance and is not the only player anymore.

So my opinion and outlook is that we're heading back to 1350-1550 before taking off higher, this will be followed by longer consolidation due to bull run.

Why will Bitcoin possibly not go any lower?

1. Japan accepting it
2. Large media attention towards bitcoin now
3. Halving
4. Investors/traders from other markets are finally getting in
5. Bitcoin has proven it is here for the long game and other cryptocurrencies still have to prove their value.
6. Bitcoin's use is increasing by the day, economic uncertainties (hyper inflation etc.), but also buying stuff online.

Hope you like this idea. Happy trading!

Comment:

Im almost getting mad of how often BTC went up again and again, BUT we finally got to a stage where new growth is very difficult. We face 2K psychological resistance where people will short, shown in the chart you can see that if we get another run up it will be non-sustainable and likely crash. The slope is TOO high and our 4H Stoch RSI is facing down which confirms downward movement for now.

Tell me what you think in the comments! I think we are in for an interesting ride.

Order cancelled

Comment:

Funny that the dump was at the letter I, didn't play out as I posted, but the fractal still keeps those significant point in time. Lets see what happens at X.

Comment:

We almost hit the X :D