$BTC Retrace Could Be Expected

We just saw BTC move from 6410 to 9010. Over the next few weeks I expect a healthy retracement in price before we see what Bitcoin's next move will be.

Using the Fibonacci Retracement tool, I'm targeting a 61.8% retrace of this previous move up.

On the chart, I show an example of what price may do over the next few weeks; similarly replicating previous retracements we've seen in the BTC market.

I have two setups in mind. First, I'm waiting for a last-push effort to get back to the recent high around 9200 before we see a selloff occur. At that point I would look to enter a short position targeting the 7500 area which correlates to the 61.8% retracement. Second, whether we see price attempt to retest the 9200 area or not, I would look for BTC to lose support of the 8600 area. Once support is clearly broken, I would then look for another short setup in the 8600 area also targeting around 7500.

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Cheers!