Initial target at the .618 has been reached. So far seeing the reaction that we were looking for, but there is still the possibility for continuation down to the 1:1 extension at $16,500. In the short term, I am primarily watching watching for a reaction from the RSI in the 45 - 60 region. If Bitcoin is rejected at 45, I expect to see continuation down to $16,500. However, if support is maintained at 45, I am expecting another leg higher.
