In this weekend’s analysis, I show the impulse sell off on Bitcoin from the all time highs of $124,533 to support level of $111,649 is considered a wave A correction and currently ensuing a wave B retrace which at the time of this analysis was at the 0.382 fib level of $117,300. There is a chance to bounce up the 0.5 fib level $118,095 but I think based on declining momentum on the daily, BTC price will consolidate a few more hours around the $115k zone and finally breakdown to the next area of support at 109k to 106k target zone next coming weeks.
Bitcoin Dominance to track Alt-Coins is also trying to find a relief bounce as several divergences are spotted on the higher time frame of daily and weekly charts. However, there is no reversal confirmation yet and so we will determine what’s likely when the bounce has occurred.
Thank you for taking time to listen to entire analysis and I wish you a profitable trading week.
