14 Day Forecast (BTC)

Over the last 8 weeks BTC formed a Double Top where it brushed against 13.8k. From there I used Fibonacci from the base of the Double Top to the 13.8k peak. This identified support levels at 9300, 10200, and 10800 or 1.00, 0.786, and 0.5 respectively. The white descending wedge from the peak to the current price shows a trend down to the 9300 support. The 1.00 Fib and wedge trend line form a descending triangle with a flat bottom.

The support at 9300 is confirmed for two reasons. First, the Fibonacci graph has 9300 as the beginning of the trend (1.00). Second, 9300 has been time-tested in the chart of the left; the price has bounced off of that level three times thus far. This level is likely a strong POR (point of reversal).

Clearly, the price could very well dip below 9300 and head for the 1.618 Fibonacci level. However, I believe the Double Top bottom and was a sufficient consolidation period for the price to head north again... at least for a little while.

Stay dry through these rainy days,

The Weather Man