tartankiwi
Short

Bitcoin to $6,600.00

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin             in the final stages of impulse wave 5 correction.

Taking a fib over the entire move upwards from mid September, we can see that the elliot wave pattern has pretty much hit each retracement level on the way down:

Point 1 = 0.382

Point 3 = 0.618

Point 4 = 0.5

Point 5 = ???

Point 5 coincidentally matches up with the 0.786 retracement level.

It also matches up with the short term yellow resistance line being formed between points 4 & 5.

My prediction is that we'll therefore hit and plateau around the $6,600 mark, before we begin our next bull run.

However this is just me playing around.... I could be completely wrong.

So trade safe and don't follow blindly.
Comment:

Zoom of the final resistance line down to $6,600
Trade closed: target reached: We smacked off the $6,6k level as predicted.

Whether we hold this or have another dead cat bounce remains to be seen, as there are a multitude of continuing events in the real world which could positively / negatively affect value:

biggest 1 day drop in traditional stock markets since 2008.
http://www.bbc.com/news/business-42942921

American SEC / CFTC meeting on the future of crypto regulation in the States.
https://www.marketwatch.com/story/cryptocurrency-hearing-will-have-sec-cftc-chiefs-trying-to-juggle-allowing-innovation-with-protection-against-fraud-2018-02-05

Chinese foreign crypto exchange ban.
https://cointelegraph.com/news/ban-complete-china-blocks-foreign-crypto-exchanges-to-counter-financial-risks


Trade safe.
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