Bitcoin has been going through in correction phase since my Last update on 14/06/2017) i.e. https://steemit.com/bitcoin/@jimmyrai28/bitcoin-update-14-06-2017-in-process-of-stabilization. It has corrected almost 800 ponits from its high of $3000 which is ABOUT 26%.
Now if I quickly come on point, when this CORRECTION IS GOING TO OVER? I want to draw your correction on chart below i want you to notice at RSI indicator at bottom of chart. I have drawen one trendline which is falling trend line coloured in YELLOW. You can clearly see it is giving support to Bitcoin prices and this is first point.
In second point i want you to notice yesterday candle which is marked in YELLOW CIRCLE , one can clearly notice in this candle that it has attempted to breach its resistance first which was Support before(Support Line 2) then falls and taken support at dotted horizontal red line and also tested its 50 Days EMA which is BLUE COLORED wavy line; it breached it then quickly recovered. Now I am expecting a RETEST of this EMA, I might be wrong here but this is how its goes, a retest of important infliction point.
Thirdly, I want again you to draw your attention on chart below on which I have drawn FIBONACCI RETRACEMENT and this indicator is showing a retreating of its upmove and clearly it retraced to 23% then to 38% of entire move from $930 to $3000 Yesterday. Today, Bitcoin again retrace to about 38% level on FT, but recovered.
So, In conclusion I am in view that correction in Bitcoin may get over soon, But before the correction gets over, one may see a retest or break of 50 Days EMA and 38 % retracement level which is about $2196. And i also hope that Bitcoin resumes its uptrend afterward.
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