HerreK

Bitcoin to retace to $7800

BITTREX:BTCUSDT   Bitcoin / Tether
310 0 5
Based on current Fib levels with the high at $20.000 and lows at $330, obvious confluence is at $7800 (38% retracement level).
Typically the 38% level is level where huge buyers will buy the 61% discount, buying up the bitcoins             from panic sellers.
Because big players will be involved at these levels, price will bounce very hard and fast.
It will allow bitcoin             to rise beyond the current $20.000 level. Next target after that is the 161% level around $31.000.
After that there's the 261% level around $50.000.

Also currently as I write this, a head-and-shoulder pattern is unfolding, where the right shoulder is given form.
Once the pattern is complete, a drop in price can be expected measured by the neckline to the top, which indicates the same $7800 area.

Another reason why I believe bitcoin             will drop further is, by simply looking at weekly chart of bitcoin             , clearly you can see the
bearish engulfing pattern, which given on the weekly has serious impact.

I expect that the 1st target of $7800 will unfold in the next couple of weeks (end of januari).
The second target could take a month or 2 to complete (e.g. feb / march)
the third target could take longer to complete (3-6 months or so, depends on the number of retraces required).

for the first target, if you have bitcoin             , a good idea is to hedge against a potential drop to $7800.
Buy more bitcoins             between $7800 - $8000 levels.


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