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Bitcoin's Bearish Tone; Where do we go from here?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The chart shows that we have confirmed our A and B point of the ABC correction wave. Where next?

We expect to see a standard 12345 impulse wave down to complete Wave C.

Breakdown of Wave C:

Wave 1 extends down to $8770 and then corrects to $9480, retracing to the 0.618 Fib line.

From this trend, we can make a prediction as to how low Wave C will go, simply by using the Trend-based Fib Extension tool.

Wave 3 will usually touch the 1:1 Fib extension line, which is roughly around $8350. Wave 5 usually attempts to make contact with the 1.618 Fib extension line, around $7700.

We will take this as it comes.
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