Bitcoin has declined almost 40% from the 11700 (Bitfinex) high set on 05-MAR-2018, to the low of 7240 set on 18-MAR-2018.
The first leg of the decline (i.e. from 11700 to 8342) was a quick steep 3-day sell-off; whilst the second leg of the decline (i.e. from 9900 to 7240) formed what appears to be a 6-day “Falling Wedge” pattern. Interesting to note, the second leg of the decline is precisely a 0.786% Fibonacci relationship to the first leg —wonderous phinance!
With price/RSI positive divergence on multiple hour timeframes, there appears enough waves to suggest an interim bottom is in place; and the expectation suggests choppy sideways price action for perhaps during the course of a week.
The decline from 11700 to 7240 may retrace between a Fibonacci 38.2% (i.e. 8944) to 50% (i.e. 9470), with the average being at 9207. Thereafter, a new bout of selling is expected to resume quite rapidly targeting the 78.6% of the entire Bitcoin market at 4257.
Esoteric trivia: 20-MAR-2018 marks the equinox where the Earth is in ‘balance’ with equal length of day & night everywhere —quite the sentiment of cryptocurrencies which are precariously balancing on a tightrope! Grizzly bears and black bears also awaken from hibernation at the start of Spring in the northern hemisphere!
Analysis is purely guesswork with speculative model indicative of price & structure, not time; as follows:
BTC (4-hr): https://i.imgur.com/sK4FDXT.png
BTC (Weekly): https://i.imgur.com/HWm8a6S.png
BTC (Daily): https://i.imgur.com/BVz5LFt.png