BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I believe bitcoin is following fibonacci here, which can be outlined on the weekly view.

Following bitcoin's highest value around $18000 and where it dropped to around $3000, the 61.8 fib value sits at approximately $13500.

Market has hit this and now dropped to around $11000. However I believe there is likely more drop to around $7500 or even possibly lower as depicted in my chart.

The fibonacci retracement from $3000 region drop to the most recent high at near $14000 gives the fibonacci retracement of $7500.

Let's wait and find out if this theory plays out.
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