Today, I want to publish my idea about bitcoin's price movements. At the moment bitcoin is correcting and I expect this to go on. In order to understand this correction we have look back where it all started. In my opinion the bull run started in September 15th. I remember the news from China to ban domestic exchanges and the FUD Jamie Dimon spread during that period. Bitcoin's price fall hard and people started to buy bitcoin despite the negative news. Bitcoin has nicely bounced from the 0.5 , 0.618 and 0.786 Fibonacci retracement levels. Every time Bitcoin touches the Fibonacci retracement level, it is a good opportunity to go long for a short-run. I used the Fibonacci extension in the chart in order to calculate targets for this short-run. As we can see in the chart bitcoin will form a inverse H&S and hopefully this will be the reversal of the correction. Be aware, I expect bitcoin to fall to the bottom trend line after our short term target because we are still making lower highs. if this trend line does not hold, the price may hit 5k which is very likely.
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If the support on 7540 breaks we are in a bear trend and BTC will probably test lower lows. This means we won't see any short term rally.
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We are testing resistance at 9300-9400 and are still in wave 3 which I expect to be 10.3k. We may see a wave 5 with a target of 11.6k which is the top of the descending channel.
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Chart update
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