Bitcoin reached 20k. this might be the correction for a fresh start in 2018.
We are looking at different points of fibonacci levels.
First of all im only concentrating on the 0.382 and 0.618 levels.
level 0.382:
Fibonacci 7: Might drop to 14k-15k range and rebounce to further ath's. I personally think this is a still high price for btc.
fibonacci 1-6: 10k-13k range. 10k-12k range would be the zone off normal ppl thinking this a good buy zone.
level 0.618:
fibonacci 7: 10k-11k range also in the range of previous 0.382 levels. Which indicates that this range is guaranteed support level
fibonacci 1-6: Insane support level around 8k. Prbbly early september like scenario when btc reversed from 3k.
Moving Averages:
50 Ma: 10k range, ppl want to buy on this price
100 Ma: 8k range price for traders
200 Ma: 5k range, this is a dream.
Also if you look at the previous corrections from 2 to 6 they all touched the 100 ma. So there might be a chance that this correction might fall back to 8k-9k range.
Conclusion: It Might drop to 14k-15k range and rebounce. Currently its testing the correction early december it touched 0.618 fib. see below
if not 10k-13k is heavy support.
We are looking at different points of fibonacci levels.
First of all im only concentrating on the 0.382 and 0.618 levels.
level 0.382:
Fibonacci 7: Might drop to 14k-15k range and rebounce to further ath's. I personally think this is a still high price for btc.
fibonacci 1-6: 10k-13k range. 10k-12k range would be the zone off normal ppl thinking this a good buy zone.
level 0.618:
fibonacci 7: 10k-11k range also in the range of previous 0.382 levels. Which indicates that this range is guaranteed support level
fibonacci 1-6: Insane support level around 8k. Prbbly early september like scenario when btc reversed from 3k.
Moving Averages:
50 Ma: 10k range, ppl want to buy on this price
100 Ma: 8k range price for traders
200 Ma: 5k range, this is a dream.
Also if you look at the previous corrections from 2 to 6 they all touched the 100 ma. So there might be a chance that this correction might fall back to 8k-9k range.
Conclusion: It Might drop to 14k-15k range and rebounce. Currently its testing the correction early december it touched 0.618 fib. see below
if not 10k-13k is heavy support.
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