The only question is on which Fibo retracement Bitcoin will fall.
Here the possible retracement areas:
23,6 % > ~ 4900 USD
38,2 % > ~ 4000 USD
50,0 % > ~ 3500 USD
61,8 % > ~ 3000 USD
78,6 % > ~ 2000 USD
A following extension to Fibo 1.62 should be possible. We are fundamentally at Bitcoin in a growth market. Even for 2018, it is not expected that Bitcoin will die. ;-) On the contrary, we are still at the very beginning. In principle, it would be a good thing if we could see a down by the end of the year and not run into a bubble. This would mean that the market could be more solid and therefore easier to plan. In this context, an Fibo Extension 1.62 and a Target of 9000 USD could be realistic in 2018.
Target after retracement: 9000 USD.
That doesn't mean that a bitcoin price of 7000 USD and more could be possible until the end of the year. If we see an X-Mas Rally, the bubble could still come. But it doesn't look that way right now. This chart is based on the assumption that we have already reached the top. Should this change, it must be adapted accordingly. I will keep you informed.
Let's see what happens. Happy trading. :-)
Chart September 16
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23,6 % 5600 USD
38,2 % 4700 USD
50,0 % 4000 USD
61.8 % 3300 USD
78.6 % 2300 USD
if the top is established, I'll make a new long term chart. this chart before.
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