The other week I did an update on Bitcoin (NYXBT) and I am doing another one now as I have since adjusted or rather added some Fibonacci extension levels that line up nicely with this extreme moves.  Here is the last post:  https://evancarthey.com/going-bitcoin-12-25-17/.

Weekly Update

Bitcoin closed below the trend line earlier in the week and then came back to fall on the support side.  Now price has settled on the support line and on the  4697 fib extension.  For the way I trade the retracement would be considered reached would be at the 50% fib retracement which is the bottom of the gray box around $10,000.  Pirce could definitely go lower than that but when price reaches the 50% fib retracement then that is low enough for the downward move to be over.  In the short term I think price has a better chance of hitting $10,000 than the last high of around $19,000.  You can see from Andrew’s Pitchfork that price is way ahead of the median line from it.  Some day it will eventually come back to it but as you can see from the other trend lines (the magenta ones) that there are some more support levels.

The next fib extension level is at 7601% which is at $23,029.  After this last amazing run I wouldn’t put it past Bitcoin to make it up there but for the short term I think we will see more retracement before price starts its big run up again.