Overvaluation is overvaluation. I never traded bitcoin, and ESPECIALLY when it was around 600. Why ? Because I can't use them, nobody can, those who can are shady for most, nobody understand the core principles and I have trouble making people understand the intrinsic value of it or even the use cases. Brokers crash often, are made by magic card traders, the cryptography behin it, albeit perfectly safe, has been made by someone completely unknown. Banks and government, that people criticize all the time but goes to, crying, when things goes a bit wrong, condemned strongly an unregulated currency that would make their countries unable to pay their debt if it was ever implemented globally. Look, the bitcoin is like a worldwide Euro, everyone can use it but no central political gov can pour trust in it to print more, rendering it useless as a real currency. In a word: we are so not ready than paying 600 for a number on a screen is a lot too much. Everyone KNEW it would go down.
Usually price will stop at the -61.8 on a daily setup, watched it do many times in other instruments. However, when price trades past the -61.8, price has to keep going strait up or it falls strait down. btcusd traded to it's -3.618, that's a bubble. Looking at silvers 2011 high, it only traded to its -1.618 IMO it was not hindsight since bitcoin had all the tell tale signs of a bubble. Using basic TA it was very apparent.
I think you should consider looking at BTCUSD on a log scale before determining the need for bitcoin to undergo a full correction to $133. I find the log scale makes better sense of the chart since BTCUSD is so relatively new and emerging.
BTC $133 based on 1 support level and a goofey forecasting tool...lol Stop smoking crack, and considering going on a juicing cleanse to get your head right...mehr sein als scheinen (more substance than semblance...i.e. your goofey tool is pure semblance)
You cannot (consistently) predict move than one pivot. You can predict the first but the second is always 50-50 because the deciding price action is not even there yet. If I were you, I would hold short and trail the swing highs and buy a double bottom or higher low (assuming there is a reversal).
i would yell out schizophrenia on this one, but then again i could be wrong because there is a legendary trader that follows elephant migratory root patterns to trade the stock market. where do you learn all of this? whats your background previous to trading?