0.78 retracement to meet the multi-year trend-line. The present downward trend-line confirming it to a T.
Perhaps two good buying opportunities arising this year....
Another impulse wave down would take BTC into the Recovery Stage.
The wave count. 5 count impulse waves down... as the main trend is down, and 3 count corrective waves up.
Needs a convincing bounce here or it could be a month of Maydays!
Even a spike to 11.5K, or sideways and higher for a few weeks, fits within the further decline in price before it recovers. This is a bounce.
To correct to the 0.78 Fib level.... price may decline less steeply... leading to the bull trap.
Too many got too bullish be willfully ignoring the major downward trend-line.
Last leg down about to commence.
The angle is too steep... almost... parabolic.
Too much resistance for BTC here. The trend is down for the year fully retracing to 5K from where it spiked. This also reflects the magnitude of the 2014 correction