BTCUSD (4): The next drop to 9K will happen. Soon!

OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
We are currently seeing a perfect correction.

The top at nearly 14K was the end of the 5th wave.

New target is Fib 0.5, as so often at Bitcoin .
First down was around 10K (weekly pivot ).
Second at 9.6 K (0.618). With a back movement to 0.786 or weekly pivot . This movement should be completed shortly.

Then the last correction phase will start.
Target now is at about 9K.
The whole correction is also in the trend channel.

After this more up.

Let's see what happens. Happy trading. :-)

Comment: resistance broke. pivot broke. so more up possible. maybe we see a retest and a fill up until 10600 then up. lets see. be watchfull.
Comment: chart update: new weekly pivot at 11000 wants to be tested. target at C is still valid. otherwise more up is also possible. we're at a decision point. be watchful.

Comment: broke of the resistance and of the weekly pivot. we have a direction: up!
Comment: resistance reached. pull back could be expected.

Comment: pull back as expected. support 11700 (support line down), 11000 (weekly pivot), 10700 (support line up), 10100 (middle line)

Comment: down could still go on. support at 11000 (weekly pivot) reached, next at 10700/10800 (support line up), then 10100 (middle line). if weekly pivot is strong enough as a support, then a trend reversal possible. in longterm we are still bullish.



German Bitcoin Consultant · Trading · Research · Investing

Investing in Bitcoin and Cryptocoins since 2014.
Trading experience for over thirty years.

thx for your job!
btcinvests Window_Licker
@Window_Licker, thx for your comment. you welcome. :)
plz cheak my share idea on tradingviwe
Have a look on this
Bullish Descending Broadening Wedge In play!
@Jocoin, thx for sharring. :-)
Well with the channel now broken this is unlikely. Especially if the 12400 resistance breaks.

btcinvests TradingShot
@TradingShot, thx for sharing. yes if we broke resistance more up possible. :-)