I see two ways this could play out. We either bounce here @ 10500 and hit 14930 before a new dip or we go as far as 9000 before bouncing back to 14220. Either way, we're looking at a downtrend for the next few weeks.
Seems like there's a solid pattern here. I traced it on 12/08 right in the beginning of the second dip of ~20%. So far, it has played out perfectly. Let's see if it holds up.
Fibonatti trend projection based on the three events circled in green.
There was a clear break of the downtred with wedge formation towards the end of 2016. A strong support was established at 17.20 (blue line). If it bounces back up, we might expect a new test of 18.50 level (green line). If key support line fails to hold, we could see price going as low as 16 to 15.80. Shorting seems like an interesting position in the short...
There was a clear break of the downtrend with wedge formation towards the end of 2016. A strong support was established at 17.20 (blue line). If it bounces back up, we might expect a new test at 18.50 level (green line). If key support line fails to hold, we could see price going as low as 16 to 15.80.
Strong uptrend, possible correction to ~1260-1275, then bounce.