BTCUSD: Let us stay short till slump to 10.400 has completed
I would like to present another model of comparing 2 fib ranges, giving us perhaps a better basis for predicting future price movements than the one I provided yesterday. One of the two fib ranges, with labels displayed right, covers the long-term wave, having its bottom line at around 850 end of March 2017. The second fib-range, with labels displayed left, covers the wavefront of the last bullish rally before prices entered the corrective period on Dec. 17th. At the time of this writing, price movement is completing a head-and-shoulders-formation between the 0.23 fib short-term (around 13.600) and the 0,78 fib long-term (15.800). So we can expect another slump to the previous low at 0.5 fib long-term around 10.400. From here I expect a recovery up to 0,61 fib long term (at least), which is the channel for taking another long position.
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