From what it looks like Bitcoin has finished or is about to finish its' wave up and should be ready to correct down. BTC/USD has rejected two levels.
First Fibs, applied to the corrective wave after the breakout, shows that 1127.2% level has been rejected. While the second Fibs, applied to the 08/11 high and 12/11 low shows that 127.2% Fibonacci has been rejected today. Both of these levels correspond with today's' high at $8730 and do act as a very strong resistance for Bitcoin .
Nevertheless, daily spikes above are possible but correction down should be expected. As a confirmation of the downward movement, the support at $7950 must be broken. If that happens, Bitcoin is likely to correct either to 38.2% or 61.8% levels that do correspond with the .
To summarise, Bitcoin has rejected strong resistance where correction down becomes more likely. Break below $7950 should confirm the correction. Downside targets are $6300 and $5100 areas.
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