It seems that BTC correction is in progress now, the market is overhyped and that can end any minute with a new upward impulse. Although there is no negative fundamental information so far a lot of people counted on free money generated by B2X fork and BTC may be in a week hands of easy money hunters and households investors.
Considering historical correction ranges those bigger corrections and impulses waves were mostly Fibonacci 0.618 or 1.618.
The last impulse hit almost exactly 1.618 of Jul - Sep move.
The last bigger correction in Sep reached 0.618 of that move.
As correction moves are much complicated I assumed simplest ABC wave
A - should bounce around 6050-6200
B - upward move should stop around 7000-7300
C - should rapidly break 6000 where panic may start and move price in the area of 5300-4800, this wave may sweep across altcoins as well reducing some investors fortunes.
Considering historical correction ranges those bigger corrections and impulses waves were mostly Fibonacci 0.618 or 1.618.
The last impulse hit almost exactly 1.618 of Jul - Sep move.
The last bigger correction in Sep reached 0.618 of that move.
As correction moves are much complicated I assumed simplest ABC wave
A - should bounce around 6050-6200
B - upward move should stop around 7000-7300
C - should rapidly break 6000 where panic may start and move price in the area of 5300-4800, this wave may sweep across altcoins as well reducing some investors fortunes.
www.forbes.com/sites...civil-war-continues/
I expect that can bring down BTC to 4300 USD area.