Bitcoin appears to have completed a corrective bounce after the (China ICO ban) sell off or may be in the final stages of completing one; as labeled in the chart. It has also achieved a .618 retrace already and in case of further upside 4400 to 4550 range may be tested. However upside (if any) from this juncture may likely not sustain. The fall from under 5000 to 3000 consumed 14 days and the bounce back was slower in comparison which has taken 18 days to form the recent lower high of 4450 odd. As yet, 22 days (14* 1.618) have passed in comparison to the fall further cementing our belief that the up move is a corrective bounce back and not a start of a fresh bull move. Additionally, the Negative Divergence on the weekly scale also indicates that BTC may likely rollover in the coming weeks. If the pattern we are anticipating is correct then the next decline can be a dramatic one which may at the minimum retest 3000, though a decline well below that cannot be ruled out !
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