BTCUSD correction

BITSTAMP:BTCUSD   Bitcoin / Dolar
Hello everyone.
Sorry for the long pause.
I was trying to improve my vision, so i ended up analysing long periods of time and major timeframes.
The main chart is the conclusion of my analysis. But lets start from how i built up all this.
So, i made a channel. long channel from the past periods.
Then i made the main fib extension. It goes from the price level, that i consider as a start of an uptrend, because from this level price was making new highs after every cycle.
Here is the picture
Also i found a relation: when the fib ext is build from this price level to the point of small rollback before the trend continuation, the top of the trend usually reaches the level between 1 and 1.272. Also, fib ext made from the bottom of correction to the rollback before the last hop of the trend shows the end of trend in the 1.272-1.414 area. i dont think that it is just a coincidence. Anyway, this method perfectly worked this time.
And now about future. I think it`s a good time for correction. We have two targets 0.7(12k) and 0.5 (10k). I`d like to see 10 k correction. Why? Because all previous corrections were about 40 %, and it`s perfect condition for the market to make a recharge. However, the last one was only 30%. The market should be overheated right now, so 10 k would be perfect target, where bitcoin can find new investors as well.

Thank you for attention.

If my charts helped you somehow, you can help me with donation. I`m saving up 0.02 btc to start trading. Any satoshi from you will be a really big help. pm if you decide

Komen: IMPORTANT! that zone is extremly strong. bouncing from this could be lethal for the correction. monitor this level accurately.
Komen: closing 4h timeframe candle under the channel should provide us the road to targets i named
Komen: great movement! now possible retest of 15-16 k.
log scale
@akd, yes:)
@IvanGuskov Thanks.

Looks like you did a lot of work for this one.

Do you have a timeframe for the 12-10k?

Pls update us regularly if your correction projection is holding up towards 12k or 10k or if it changes.

IvanGuskov hyperbit
@hyperbit, at the moment i cant tell anything more because of the lack of information. However, considering the number of instruments, pointing on the correction, the forecast should be right. Anyway, regular monitoring is needed. Especially now, when it seems like everyone ready to buy bitcoin at any price:) So this time, when the market changes, you should be cautios and ready to act at every secon. But, there is one rule, that usually works: at the moment, when the very last man thinks, that the trend is going further, it`s time to close your positions and wait for the opposite. And ofcourse i`ll update idea.
ClimbN IvanGuskov
@IvanGuskov, Still holding the 12k level? The depth charts look awful on the buy side. Hungry market orders, but no backbone supporting current upward movement. I'm hesitant cause I want to buy more as it just keeps going up from the 14k's we saw earlier today. Sellers are being very patient. Any updates would be appreciated. Thanks!
@ClimbN, hello. 1. your risk management should not afford you to rush in the situation like this. saved depo is better even than earned money. 2. the situation is really confusing, and if somebody says, that he`s confident about it, he`s lying. 3. however, regular monitoring can help you to find an entering point. at the moment we are more bullish, than bearish. we made a good consolidation and we`re not leaving the channel. also, you can read my new idea, where i shared my ideas. it`s updating
ClimbN IvanGuskov
Have your thoughts changed on this? Appears mkre bearish now with ripple and the banks trying to take over
@ClimbN, tether is the one and only currency, that can affect bitcoin. you can forget about any others. and yep, graphics are still uncertain. like, there`s no accurate sign of falling. i see 2 possible ways: if not breaking 61.8% fib - bounce and going up. if break - to 10 k. watch updates here
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