BTCUSD – Price action over-stretched

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Since last Friday, bitcoin             prices spiked from 4300 to 5800 high of last night, making a range of 1500$. The price seems over-stretched and maybe needs to breathe a bit.
(1800-5000-3000) Fibo extension level 0.786 was reached at 5400, even broken up to 5800. This makes a new higher high.
The higher Fibo extension level 1.000 around 6000-6100 seems to be the next target for the bulls, but a consolidation or a retracement is required for a stronger uptrend.

Today’s US CPI_ figures shall be watched before taking position.
How do you add these custom drawings in chart? Sorry I am a noob and just noticed OMG has a batman's image forming on 30 mins timeframe.
Is it possible to time analysis for bitcoin as we see the end of fifth wave and we go to correction waves but whats a time retracemnet zones?
I'm also waiting for a consolidation or a correction.
But a consolidation seems more likely at the moment.
Thanks for your view (and the minion guy=).
Very nice... Im just IN on 5000 level. Waiting for the next 5000 level before the fork to rebuy. Have a great week!
Hi dear
I love your trade plz tell us when buy .i sell at 5600.
@lili_at96, I personally will wait for another low point (even if it spikes further). Above I tried to mark colored support lines for the next dip: I take the turquoise line as the cycle low basis, and the lavender line as the intermediate support before the turquoise. Of course we need to consider the green Fibo 0.618 support line.
Simple,creative and educative.
Thank you for the analysis!
ahan2407 wilacqaud
@wilacqaud, I dont understand. It says a retracement is required for a stronger uptrend but didnt we already retrace from 5800 to 5600?
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