The 0.236 of Fibo stamps the first correction point. We have the 1st support beaten.
The first Fibonacci retracement point was achieved as the first support to be hit by Bitcoin – still very stretched. The cryptocurrency touches around $ 17600 and tests the first support in the diary.
In Graph H4, we also see that the support touched is the EMA200.
What does this correction point mean?
This indicates that the price has already (alg) corrected since its way from $ 9864, when it rose more than 100% in less than 3 months.
It also indicates that the price may rise again, maintaining the trend, as of now.
But that is not what this analyst believes.
In my projection, the correction will go up to at least $ 17210 and possibly beyond $ 15832. See the 3 support points from the previous analysis.