Crucial times ahead for bitcoin and we are not at the bottom for this move yet.
I expect us to fall further to the bottom of the channel, completing the three dive pattern with an overshoot possible to the 50% fib. If we break this channel with volume we can expect lower lows and we will test the 61.8 fib level.
This price actions coincides nicely with recent China events which should soon see some light shed upon (PBOC investigating exchanges). If we can get some positive catalyst to hold the channel we can potentially see the top of the channel again and continue within.
I expect us to fall further to the bottom of the channel, completing the three dive pattern with an overshoot possible to the 50% fib. If we break this channel with volume we can expect lower lows and we will test the 61.8 fib level.
This price actions coincides nicely with recent China events which should soon see some light shed upon (PBOC investigating exchanges). If we can get some positive catalyst to hold the channel we can potentially see the top of the channel again and continue within.