Since January it's obviously clear that BTC was in bubble which is deflated by the principle of blowing all bubbles. Here is the attempt to predict BTC's correction based on the charts of NASDAQ composite (red) and BTC of 2013-2014 bear market (blue). In 2013-2014 BTC had bottomed to 0.85 fib level which is now about 3500. Strong support as of Nasdaq and BTC was about 0.786 fib (about 4700). As well we could see symmetrical triangle on MACD (red) which could show consolidation and end of bear market but the triangle was broken not in time (obviously inadequate consolidation) so probably triangle has reformed to the green one with the end of consolidation about the beginning of June (1-6 June). 0.786 fib level is still highly possible and panic spikes to 0.85 are possible too. In any case volatility is still too strong to assume the market turned around right now. Have a good trade!
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