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BTC 1st correction in new bull cycle

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
bitcoin is correcting after about two days worth of pumping. RSI was extremely overbought and now price action is proceeding to the first level of support which is the 200 day SMA support. If BTC can hold this support zone we are setting up to clear 8.5k in a few days. If support breaks an even steeper correction will be saw to the 100 EMA day and finally the 55 EMA and downtrend channel .

Prediction:
BTC is seeing an ABC correction and will be completed after a thorough test of the 200 SMA . If BTC accumulates and gets a strong bounce off of the 200 day Stay in your long positions and get ready for another market pump.
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