BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
(UTC+8) 11.38pm. BTC SHORT TERM:

BTC is currently retracing from the recent dip to $8300. Form the candles pattern, we can see that BTC is zig zaging up a Raising Wedge Channel. The most plausible Targets are $9800, $10200 and if the market is really bullish , we may see it extend to 1.62 of wave 1 +wave 3.. which may top of around $11000.

Currently BTC has completed wave 4 and started of wave 5 with a very bullish candle. As wave 3 is less than 1.62 of wave 1. There would be a very high change that Wave 5 is extended. and can come in a 5 + 5 or 5 + 5 +5 wave pattern

The above target is a good entry for a short, of which we may see BTC dropping back down to around $8200 some time next week.