Last week we saw Bitcoin take a step back from it’s ridiculous run up. Let’s see what is going on and if now is a good time to get in? In a past article Bitcoin blew past my last fib extension level I use: https://evancarthey.com/high-will-bitcoin-btc-go-part-2/ and doubled from where I thought it would so obviously I was wrong there.
What is going on with Bitcoin? 12-25-17
From my chart you can see that price closed below the 1st magenta line which was the 1st support line but it still has 3 more propping it up. I don’t think the retracement is done yet, I still think price needs to hit around $9,800 for the retracement from the past run up to be over. Right now price stopped on the 38% fib but I think it is going down to $9,800 before the retracement is over.
Price could definitely blow past the $9,800 number but that is the level where I consider the retracement to be over. You can still see that the original Andrew’s Pitchfork (neon blue bottom drawing) is still way below the current price and I think price will eventually level out down there which is its main trend. If price crashed down to the median AP line then it would be around $3,000 from its current levels.
Bitcoin Blew Past Andrew’s Pitchfork Top Level
Below is where you can see where I originated the Andrew’s Pitchfork from. You see how the top of AP was a support area before Bitcoin took off to its ridiculous levels.
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