Bitcoin analysis. Downtrend Continues Some Targets for The Bottom (#23)

Bitcoin is correcting even deeper and starts to find a firm support for rebounce upwards. In my analysis #20 I predict a continuation of downtrend movement on basis of ABCD harmonic pattern. In analysis #19 I set a target for correction bottom between $9000 and $11000 levels which correspond with 78.6% and 100% Fibonacci retracement levels from Nov-30.

From all times height price retreated in 5-1, abc, 1-5 Elliott waves.  When it was in abc correction faze a channel have formed and for a while it looks like 5 impulse wave is the bottom of the correction but after breakout of the support line an impulse wave 3 have already formed. Now we are expecting completion waves 4 and 5 of 1-5 faze and when full pattern completes, price will reach point D on a chart bellow. AO, MACD and RSI indicators indicates downtrend bearish sentiment so completion is almost without doubt. At waves 1 and 3 selloff volumes are present indicating that investors gradually leaving the market.

To determine a bottom of correction we can use harmonic patterns to get some idea where bottom correction level will be. On chart above after big upwards move an ABCD correction occurs. Fibonacci proportions of ABCD correction are perfect so pattern tells with high probability that an upward trend will start from point D around $9600 to point E. To determine an end of trend in point E, we can use another higher fractal ABCD pattern (purple color) to estimate that next all time height in the beginning of year 2018 will be around $24000.

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Previous analysis: #15,  #16, #17, #18, #19, #20, #21, #22. Is good to check them out to get insight into my reasoning. Some contemplation in post Bitcoin goes parabolic.

Image sources: Investing.com, 

Data sources: Bitfinex exchange

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