BTC - Minimum move down has to touch the .50 Fib at 58xx
I suspect BTC is not done dropping and will hit the .50 Fib at around 5800.
Reasons below:
The parabolic move in 2015 corrected to the .618 Fib
This pattern also looks like a a reversed "cup and handle" not to be confused with an inverted "cup and handle" which is upside down . The drop-off on this current pattern shows a minimum move to the 58xx area. This figure is close to the .50 Fib
Also the daily candle is currently on a TD 9 countdown .
A TD 9 countdown indicates a possible 1 to 4 candle move downwards - currently BTC is on candle # 3
Zooming out the bigger picture also looks like an even bigger reversed " cup and handle " with a handle that can hit the 97xx to 11k mark; hence after the correction I'm expecting BTC will move back to the 9K area and higher
I'm expecting there will be a few bull-traps before BTC hits the bottom
Reasons below:
The parabolic move in 2015 corrected to the .618 Fib
This pattern also looks like a a reversed "cup and handle" not to be confused with an inverted "cup and handle" which is upside down . The drop-off on this current pattern shows a minimum move to the 58xx area. This figure is close to the .50 Fib
Also the daily candle is currently on a TD 9 countdown .
A TD 9 countdown indicates a possible 1 to 4 candle move downwards - currently BTC is on candle # 3
Zooming out the bigger picture also looks like an even bigger reversed " cup and handle " with a handle that can hit the 97xx to 11k mark; hence after the correction I'm expecting BTC will move back to the 9K area and higher
I'm expecting there will be a few bull-traps before BTC hits the bottom
Comment:
Now if BTC moves above 7700 then I'll be buying as this indicates positive movement