BTCUSD- Short term retrace to 61.8%, can still correct long term

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Trendlines drawn since beginning of year. Fibonacci resistance level hit and skyrocketed off - short term 61.8% line was hit and price rocketed up. Overall, the bottom trendline is far from hit, and the market can still correct. Currently, BTCUSD is in a consolidation after a crazy down followed by an up that seems to fast to be true. We should watch for consolidation, and a response to high prices. Current down trend still intact, and if resistance is enough, should stay that way. Current price to watch - $4150. If price breaks upward, expect bull market. If price resumes, we can expect the same level or lower, and even fall to bottom of channel. *None of this takes into account NEWS, this is only trend analysis.
for the downtrend line, why connect ATH and 4650 and not for example 4380 and 4650
Shwayze fineregex
@fineregex, technically you're right. It's important to look at the bigger picture from all aspects still holding true. Let's draw both. Once first trendline breaks, resume prior trendline. IF ALL trendlines break, resume bull.
+2 Reply
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