After a big Crash from 0.0006 BTC to 0.00010 BTC, Now Its Time towards Correction.
But How Much Does it retrace Back is the question.
Here is the Simple analysis i have Made,
You can see High level of Divergence in the Graph, which Clearly representing the Trend will reverse.
But there Are Mainly 2 Resistance in the Graph, as shown above. But which one to Consider is the Question!
Here Comes the use of Fibonacci Retracement tool.
I have consider the last wave which is under divergence, we can clearly see there is no resistance till 1.618 mark, but slightly above it, which may cause slight fall but can't stop it from going up till the sloping average line of the trend (before fall), which is around 2.618 Mark . i.e Approximately 0.00042 BTC.
we can even consider placing Bigger Fibonacci Retracement from the point of beginning of the fall and cross check the same in the graph below,
We can clearly See now there is 0.618 Level at the same mark as there is Resistance 2.
From this above analysis we can consider the trend will be bullish till 0.00042 BTC which is about 300% raise if we consider from 0.00010 BTC lower low.
Please Leave You comment if you need more info on the same, you are free to comment if there is any correction required or if you feel the analysis is wrong.
While I do see this as a possibility still, I do think it is improbable at this point. With the risk involved with bitcoin teetering on the ledge, it could also finish correction to much lower amount before retracing back up. See @haejins charts on my post you commented on.