Dear all, this is my first post on Bitcoin but probably won't be the last. This will be a short simple take on the recent past and future of BTC. It has been evident since June 24th that a drop is coming for the coin. This was evident because negative RSI divergence of a bullish, or in this case bearish nature is a clear indicator of the strength of a move up or down. We can see from a orange upward sloping trend line in the chart that price was moving up while another orange downward sloping trend line in the RSI rectangle showed us that the strength of the move was weak- bearish divergence. Based on Fibonacci levels derived from the recent run-up the current A-B-C correction we are in may terminate with BTC reaching 6800 USD before resuming upside.
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Thus far the prediction has basically materialized to within 140 dollars of the ultimate target, 6800 which correlates to 0.618 Fibonacci support
Very Nice. Looks like corrective wave is done, i figured it's time to either retest 8491 or higher.
TNasr
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@DWSKTrader, Thanks, based on the general logic that markets fall faster than they rise I'm stumped by the duration of this correction. We will have to see when bearish sentiment is exhausted and we consistently have more buyers than sellers, that day is coming.