BTC - downside correction to 4.9k USD?
I just want to give a new update on BTC action. Looking at the double top pattern and the harsh selloff after the recent pop to 7800 USD, a downward correction seems to be more likely than a continuation of the bulls. We have seen a very steep rise from 2.9k USD to 7.8k USD, which would make a correction quite healthy.
We have just dipped to the first fibonacci level and expect a dip down to the 38.2 level where we find a good level of support of previous highs. It seems likely that we see a dip lower to the 61.8 level which is around the 5k USD mark, before we go higher.
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