BITCOIN - Weekly - My first ever analysis on this.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
So Chinese didn't help. Put some regulations in place against BITCOIN . I understand that it is last week's news, but we are having a nice negative reaction this week as well. Below $4000 now.

I have neither warm nor cold feelings towards this... this thing... Probably, because I don't own any. Unlike some of my fellow friends.
But because cryptos follow technicals (for now) I will review it.

No doubt about it, that if there won't be any sudden news about this, then we will continue with the drop . Currently, it is balancing around 38.2% retracement on the Fibonacci, but my prognosis is 61.8%. I think that this will be a great opportunity for all those, who still believes in Bitcoin , but missed the buying moment of it.

My pessimistic target is around $3000, where $2980 was this year's May high. That's a significant drop . But, for now, the key level will be around $3340. Theoretically, it could bounce off of it there, just because at that time will be way oversold, so a small jump back up could be possible. And then down after that, of course. This would be the first scenario, aiming for my pessimistic level.
But my second scenario would be that if the levelaround $3340 will hold and will become strong support, then Elliott Waves are kicking in and we will see our 5th wave.
Both scenarios are equally possible, so at the moment, in my opinion, only observation has to take place.

Now, these are just ideas, based on the technicals. Let's see what actually happens.

As always, keep an eye on the price action!
Comment: Cheque, please!


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