So, that is what it looks like when we don't see corrections in a while... Bitcoin had just been climbing and climbing since 4000 euro or so, with only small pullbacks. Never did we see a proper 61.8% retrace, but today it hit it perfectly! Other coins went for a whopping 78.6% retrace (ETH, LTC, XMR, BCH). But at least the worst should be behind us now. First order of business will be a 61.8% retrace back to the top from which things fell.
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It's possible bitcoin won't get to the 13600 target just yet. It didn't fully retrace to 61.8% back from dip to former height, but a lot of other coins did, so crypto-marketwise I'd say this initial recovery has completed. Currently every coin is trapped under a downward trendline like the one this image is showing. Untill they get out from under it we might see further decrease in value.
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Things are looking up a bit; coins are escaping the downtrend, including bitcoin. Next up will be that 61.8% retrace point I think. I believe it might take bitcoin some time to surpass this zone.
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Note
Bitcoin seems to find a bit of support on the top of that dark green line, top of an older ascending channel. Might hold, but I've got a feeling it will end up within that channel.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.