So, that is what it looks like when we don't see corrections in a while... Bitcoin had just been climbing and climbing since 4000 euro or so, with only small pullbacks. Never did we see a proper 61.8% retrace, but today it hit it perfectly! Other coins went for a whopping 78.6% retrace (ETH, LTC, XMR, BCH). But at least the worst should be behind us now. First order of business will be a 61.8% retrace back to the top from which things fell.
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It's possible bitcoin won't get to the 13600 target just yet. It didn't fully retrace to 61.8% back from dip to former height, but a lot of other coins did, so crypto-marketwise I'd say this initial recovery has completed. Currently every coin is trapped under a downward trendline like the one this image is showing. Untill they get out from under it we might see further decrease in value.
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Things are looking up a bit; coins are escaping the downtrend, including bitcoin. Next up will be that 61.8% retrace point I think. I believe it might take bitcoin some time to surpass this zone.
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Bitcoin seems to find a bit of support on the top of that dark green line, top of an older ascending channel. Might hold, but I've got a feeling it will end up within that channel.
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