What is happening to Bitcoin?

 I am going on a journey tomorrow. It is going to be a surprise visit to my parents place with my daughter. I told them that I am only going back on a much later date for my father's doctor's visit. 

Just a lesson to those who are not in sales and marketing. This is called " under promise, over deliver". It is a very useful trick.

Anyway, there is not going to be any trading in the coming few days.

Now let's move on to Bitcoin. I was watching the mid day news when I saw a reporting on the tumbling of the markets due to Powell's speech, the news placed some emphasis on Bitcoin holding on to around 20,000 mark.

Bitcoin was actually a great hit when it came out and many trainers in investment courses were very positive about this counter. they all feel that it is going to the next form of currency replacing the existing form of currency. That was 2017, this was after it reached and retreated from a high of 20,089 in 2017. 

Even the platform I am doing my trading on once housed Bitcoin and few other crypto-currencies, I am not sure when but it later have all crypto-currencies removed. 

Why I got interested in Bitcoin today? The news segment placed Bitcoin line chart on its background.

To be honest, I am neither shock or surprised by what I saw,  I have no interest in the counter since I have no venue in trading it, further more, I always consider it to be too high of a value for trade, I am a little taken aback when I noted its peak at 68,789.

Fig 1. Bitcoin Weekly Chart

Without referencing to Bitcoin, for those who with experience in charting will be familiar with the double top formation in this chart. Moreover, I am seeing the 55-week moving average crossing 89-week. 

This is very bad for Bitcoin.

Using simplest form of double top measurement, the minimum objective is sub-zero! 

Yes, I am indeed surprised, but in came after I received a negative number for Fibonacci expansion after I have entered all necessary values.

Based on the expansion, The objectives are between 6,664 to -7,075. Could this be possible? So I get paid to hold on to Bitcoin and I have to pay to sell?

It happened on Crude oil before, so it is plausible.

Let's be a little more optimistic, Let's use projection for measurement instead.

As long as projection is concern, it has reached the 100% (32,820) and even crossed the 127% (23,036) level that I normally used. The next level of support is 161.8% projection at 10,591.

Looking at its set up during the recent weeks, I say that there are more possible downside. Using projection again, the support levels are 16,148 to 10,594.

What is the upside? To be honest, I have not seen any possible signal so far, I am not sure if it is because I am bias? 

Well, if I am to imagine, it is possible that Bitcoin going to correct back to the neckline, which is around 28,893. Where was a minor congestion here before, so it may go back there. Best scenario would be going back to touch the 55-week moving average presently at 33,471.