We are using long-term numbers. The number that produced the double-top bearish signal is $122,524. Bitcoin couldn’t pass beyond this level. The weekly rejection reveals that a test of support will follow next.
Before $122,524 the next major Fib. level sits at $102,077, the 1.618 extension. This is where Bitcoin is headed next.
We have $112,000 as support but this a short-term support. Notice this weekly chart more focused on the long-term. Here it is easier to see, easier to appreciate that Bitcoin is not likely to hold $112K. Nothing to worry about though.
A drop toward $100,000 (above) would mean a full flush for Bitcoin and the doors opening for a new major wave of growth. Make no mistake, the current move is running its course.
Bitcoin is likely to drop only for a few more days. Settle the low, recover long-term. The altcoins will shake but will also recover in a matter of days. This is a momentary event, Crypto will continue to grow. The bull market is not over. The best is yet to come.
Namaste.
