princeofcoin
Long

If 580 Holds here's a projection for Fibonnaci Extension

BITSTAMP:BTCUSD   Bitcoin / Dollar
The recent drop due to Bitfinex saw the price hit a long-term Fibonnaci retracement level based on the Weekly chart and long-term low. That flash crash price drop now acts as a new short-term low for Daily Chart Fibonnaci Extensions.

Orange brush line shows my 'best guess' providing the 580 holds and we get some action rather than trending tightly sideways.

I then added the Ichimoku Cloud and saw that my orange line adheres nicely to the cloud. Therefore... I know I'm right ;)

Time will tell.
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