Well, unfortunately, I don't have a crystal ball so I can only say what I feel may happen over the next few weeks. I have to say that I was somewhat impressed with the bounce that BTC made from the low of $6000 to almost doubling within two weeks. I find it kind of interesting that the price made almost a 100% retracement to where it was on Jan. 28th when the breakdown first occurred before reversing. As you can see in the chart below, for about the last 36 hrs. the price has been holding just below the 38.2% Fib retracement level however I don't believe this level to hold much longer and I expect the price to drop down to the 50% retracement level where there looks to be good support. It is also possible that the price could continue falling past 50% down to the 61.8% level which is just above $8000. If $8000 is breached I would then expect a re-test of the $6000 low possibly creating a double bottom situation if it holds or if it doesn't dropping to new lows, which could be $5000 or lower.
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Even though I feel like this current downtrend is not finished, I really think the chances of re-testing the $6000 low (Bitfinex price) are pretty slim. As I said in the upper chart I feel like BTC will begin moving in a sideways pattern (channel) for a while (accumulation phase) before the next run up to new highs.
Price will break the trendline in the coming days but wont stay above it, it will retest of 6K with a dead cat bounce and go all the way down to 4.4K! Lets hope to God that the bulls come in from there, else we might have to watch John Mcafee do some some nasty shit on live TV!
Bigsky_Crypto
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@TulpenFieber, LOL, no way I want to see that shit!!!.....Please, Bulls! BUY! BUY! BUY!
Rajesh_TB
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for the first time I am gonna disagree with you here! I feel BTC is gonna test 4800-5000 before the next move. At best it will do a double bottom at 6000.
Bigsky_Crypto
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@Rajesh_TB, Yeah, you may be right and I wouldn't mind. I am still accumulating so I would welcome it, it would be great to buy at half the price it is now. Thanks, I always appreciate your feedback.
Rajesh_TB
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for the firstI am gonna disagree with you here! I feel BTC is gonna test 4800-5000 before the next move. At best it will do a double bottom at 6000.