I suspect BTC is not done dropping and will hit the .50 Fib at around 5800.
The parabolic move in 2015 corrected to the .618 Fib
This pattern also looks like a a reversed "cup and handle" not to be confused with an inverted "cup and...
BTC- This pattern is a "cup and handle reversed" - this is different from an inverted cup and handle -
Using the Bitstamp graphs show that
the 'handle" on this reverse cup and handle goes till 9744 -
The 9744 figure is calculated using 2X the distance from the bottom of the cup till the top of the cup - when a line is drawn down to where the "handle" intersects...
The move down from the parabolic move up in 2015 was a 40% drop to the .618 Fib,
If BTC follows the same trend a 40% move down from the parabolic top will take it to 5149 and not 6124.
Hence BTC may not be done dropping and I'd set a stop loss at 7000
NVT cycles 3 times before the real pump and this is now the third NVT cycle - Meaning there will be a 50% or greater correction at some point - so best not be too greedy and take profit as its acquired.
When NVT enters the red zones the dumps are significant and BTC is currently in the extreme NVT zone - so Im expecting BTC will hit at least the 5K area or...