Bitcoin to 8250 and then Dump to 7.5-7.7K

Mar 26, 2018

So we saw bitcoin bounce from 7.3k and make a move to 9.1k. Frankly I think that was the last stand for bulls and she bounced; so checkbox for a potential bullish continuation. My thoughts on her prior price action not illustrated in this chart are that the move from 6k to 11,780 completed a 5 wave move. The retracement that followed was a 5-3-5 zig zag that ended at 7.3k and bounced from the .786 fib line which would be the end of a wave 2 and a proper retracement. Now I believe we just finished wave i of 1 of (1) which was from 7.3 to 9.1k; I know difficult to follow fractals. It seems as though we're repeating the same pattern as the previous corrective move here and could bounce from the same fib levels. I believe we're on wave C of this corrective move and just finished wave 3 of C; which would indicate we'll get an ABC move to the upside for wave 4. My price target for this is 8250. I then believe we'll finish wave 5 with another smaller 5 wave move to the downside. After that if she bounces in my predicted area I believe she'll make a move towards 10.6k to finish wave 3 of this structure. If bitcoin fails to bounce at 7.5k then I believe the bears will have taken the market for quite some time and that we'll potentially see some serious downside action following.