Bitcoin is correcting since December and when everybody was thinking we would now go up, we start again to go down.
So, where does it go?
If only I knew I would be rich, but the best way to predict it is to zoom out and have a look at the weekly chart. I believe that the 2017 run was only the 1st wave of a bigger move and that we are now in the 2nd wave.
The global trendline still is up and the January correction made us arrive at a first fib level at 10700$ (0.5).
I think that the current downtrend leads us in the next hours to the 2nd fib level at 8800$ (0.382) also formed by the trend line of corrections of September and November 2017. Stoch RSI is almost at 0 at the moment I'm writing and it shows a short-term reversal sign.
We should then see a little move back up to the previous level (10900$), touching the downtrend line.
But weekly RSI and MACD show us that the correction isn't done yet.
This will then bring us down to the next fib level at 6200$ (0.236) also formed with the larger and more solid uptrend line formed with correction of July 2017. This would be the end of wave 2 and we can then begin the run of wave 3 that will bring us to the 30K$ level.
Wave 4 should correct around the 2017 ATH at 20K$ and the overall move of BTC should lead us to an ATH around 49K$ in the begging of 2019.
So, where does it go?
If only I knew I would be rich, but the best way to predict it is to zoom out and have a look at the weekly chart. I believe that the 2017 run was only the 1st wave of a bigger move and that we are now in the 2nd wave.
The global trendline still is up and the January correction made us arrive at a first fib level at 10700$ (0.5).
I think that the current downtrend leads us in the next hours to the 2nd fib level at 8800$ (0.382) also formed by the trend line of corrections of September and November 2017. Stoch RSI is almost at 0 at the moment I'm writing and it shows a short-term reversal sign.
We should then see a little move back up to the previous level (10900$), touching the downtrend line.
But weekly RSI and MACD show us that the correction isn't done yet.
This will then bring us down to the next fib level at 6200$ (0.236) also formed with the larger and more solid uptrend line formed with correction of July 2017. This would be the end of wave 2 and we can then begin the run of wave 3 that will bring us to the 30K$ level.
Wave 4 should correct around the 2017 ATH at 20K$ and the overall move of BTC should lead us to an ATH around 49K$ in the begging of 2019.