Daily Crypto Analysis 1/17/2018 - (BTC)
Here's my updated chart on BTC. Selling pressure was very strong in the passed day. Due to this, zooming out further, BTC really started ramping up and rallied since mid-September at $3.5k. Taking that into consideration as the starting point up to the most recent overbought point, the target retracement of 61.8% is between $8.3k-$8.5k (A). Afterwards, expect a rally up to $12.2k (B) when selling pressure is exhausted temporarily. The final (C) leg will then either "double bottom" at (A) levels or potentially between $7.6k-$7.9k.
As you always should do with technical analysis, you should always readjust your chart if the price does not follow your projected path. More updates to come.
https://www.tradingview.com/x/6WcD1fRj/
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