Daily Crypto Analysis 2/7/2018 - (BTC)

Here's my updated chart for BTC taking into account both the long and short term price action. I updated the fibonacci tool to show BTC's rally from the lows of 3,000s to the recent all time highs. Because this rally was particularly strong, so will be the correction and retracement up to the 78.6% level ($5,900s). I still see another shorter drop into the low $6,000s or lower. If you plan to long, I would start setting ladder buys as the price crosses below $6,000.

https://www.tradingview.com/x/j1rn0af6/

On a more short term perspective, my price pattern projection as shown below shows that we could be reaching the end of wave D, and begin the 5th and final wave E of this triangle pattern correction. The RSI chart shows too that wave D may be running out of steam. If you plan to short BTC at wave D highs, your target to buy back would be in the prior end of wave C for a successful short. Watch for clearly defined A-B-C waves (green) for wave E so that you don't jump the gun and buy too early.

https://www.tradingview.com/x/BxjmkD1l/

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.