In this chart, I will try to clarify.
FOR THE FIRST I DID NOT EXPECT ALREADY NOW LEVELS UNDER 6500.
Ok, I'm not sad because in all my main ideas I became btc short.
1) 2 main channels have accompanied us since the middle of 2017. The red one and the highest one in blue.
2) From the end of November 2017 btc broke with extreme force the blue channel going up more and more.
3) Currently btc has returned to the main channel, the red one.
4) I put 2 fibonacci. The main one in black, and the colored one is an extension of it.
From these 4 points, I say my opinion:
- Now btc could retest the red channel, which is a dynamic resistance. If it goes down, it will go into the $ 5400 area (note that in this area there are old supports and a level of fibonacci 0.5! ).
- Otherwise, BTC may rise momentarily to touch fibo 0.786, or stop at the resistance (orange line).
- If BTC falls into the blue channel, before going all-in long I would personally expect mid-March.
I suggest you to understand the big picture, to see also my other 2 main ideas that I have linked below!
Price closed lower than Yesterday, and 7.85k is now new resistance.
In the coming days we need a bullish boost.
Currently btc is nailed to a very important area.
If BTC exceeds the fibonacci level, in the next hours / days, I expect it to reach the $ 12500 zone, near the upper blue channel.