Bitcoin to $6,600.00

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
219 1
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.

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.

American SEC / CFTC meeting on the future of crypto regulation in the States.

Chinese foreign crypto exchange ban.

Trade safe.
good analysis price is now near bottom of fib
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