Bitcoin crossed to FIB level #13. Of course the pressure of being into a new dimension it's never experienced before made it retrace. Nevertheless, Technical Analysis is showing two figures here.
- One Bullish Harmonic Pattern. - One bull flag / descending channel.
Also some confluences:
- Support at the previous triangle resistance at 12500. - A psychological barrier at 12500. - The bottom of the flag / channel at 12500.
It could have bottomed at 12750 though.
If the bullish momentum continues (as I suspect it will), the previous #8 FIB level should be rejected and bounce there. Next level is 21000 for each Bitcoin. An incredible bubble if you've been following it every day since January 1st.
If you believe BTC will go back to zero it can only happen by banning it, which I doubt will happen. If you believe Bitcoin has no chance to go back below 1000, you've never experienced a bubble before.