Second target spot on now down to $3300 - $3500

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Following on from my previous post, we reached the $4200 target as expected and now there is hidden bearish divergence on the hourly chart. MACD and StochRSI are also starting to turn. Price has been following a broader descending channel since the price started crashing over a week ago and is sitting right at the channel resistance. Expecting another wave down since volume has also been steadily decreasing since the rise above $4k.

Reversal targets may potentially be the following:

  • The median line of the pitchfork which coincides with our 127.2 fib extension at $3501.

    The 141.4 fib extension at $3420 which coincides with the trendline support formed by our swing low yesterday

    The bottom of the channel and lower band of the pitchfork at $3302 which also coincides with our 161.8 fib extension.

Previous chart predicting the $4200

Previous post and first target:

Nov 26
Comment: Revised target: $3120

I've revised my pitchfork and fibonacci retracement target. Just realised the move from the $4529 high on 24 November to the $3657.60 low yesterday was met with a retracement to above the 68.1 fib. This should result in a continuation of the downtrend move to the 161.80 fib retracement level (from the $4529 high) which sets my revised target to $3120. If the swing low touches the larger downtrend support, hopefully we get a candle body close back above the pitchfork support to keep within market structure and hopefully we have reversal from there.

Nov 26
Comment: Updated post with revised target:

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