Cryptocurrencies are crashing this morning…
After a 70% surge following the fork to a new record high at $4400, Bitcoin is getting battered this morning…
Dow $500 from overnight highs…
As a reminder, Goldman Sachs' chief technician Sheba Jafari increased her forecast for Bitcoin to over $4800… but warned that the virtual currency could then drop to $2221…
Now that the market is getting closer to reaching this level, it’s going to be important to take note of any/all signs of trend exhaustion.
There is of note a 2.618 extension which runs as far as $4,827.
Once a full 5-wave sequence is in place, the market should in theory enter a corrective phase.
This can last at least one third of the time it took to complete the preceding advance and retrace at least 38.2% of the entire move.
From current levels, that would measure out to ~2,221.
via http://ift.tt/2uKJM1U Tyler Durden