At $1075 Bitcoin's wave (2) retraced a Fibonacci 78.6% of wave (1) and promptly fell. $913 is wave 1 (colour red) . Bitcoin is currently in red wave 2 which should complete below $1075 i.e $1075 is our resistance line in the sand and should not be broken upwards. Once wave 2 completes then expect Bitcoin to fall sharply in red wave 3. I'll give targets for wave 3 once there is evidence that wave 2 is over.
Comment:
Bitcoin may test $1040 level before starting the sharp fall.
Comment:
Target achieved. Bitcoin ready to fall now.
Comment:
Bitcoin reached a high of $1068 which should now be considered the end of red wave 2. Our $1075 level is still intact. The fall to lower levels is now imminent.
