BTCUSD Looks To Make Significant Retracement Before Going Higher

BTCUSD made a significant move up over the last 2 weeks from the 6500's, most recently breaking throught the 7800 level last week. After the break through 7800 it attempted to retest the 8600-8900 range but failed. After noticing an extremely overbought RSI and a developing double top I conducted some fib analysis. It seems there is major fibonacci confluence near the previous consolidation zone. (Blue box). I also noticed that there was bullish bat pattern beginning to form with a completion that resides within the confluence zone between 7200 and 7600. Because of the failed break in resistance I believe the market is headed to this level. It also seems that the move down to form the bat pattern could be the beginning of retracement wave 3 from an Elliot wave theory stand point. If entering into a bearish position, stops would need to be above the 8500 level, with target 1 around 7400. IF looking for a bullish position on BTCUSD I would suggest waiting until after the market retests this potential reversal region.

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