Bitcoin Still In Correction Mode

520 0
After a turbulent few weeks for bitcoin , we are still pulling back from the aggressive bull rally at the end of last year. After a >30% drop in Chinese exchanges and the subsequent curbs on margin trading in China, we've seen a nice bounce which looks to be nearing due to the exhausting volume .

Approaching a strong resistance, this could mark the end of wave B of the 3 wave correction - pushing bitcoin down to its previous low of 5000 cny However imo the final drop could be bought up relatively quickly and we could experience some truncated waves within the final movements. If we were to bounce on the previous support of 5000 cny , this would give us a double bottom and reason to look towards a resumption of the bull trend and take us to higher highs. However if we were to break this support my target would be in the $600 range leading to a deeper and more drawn out correction.

Happy trading
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