<h1>On Our Way Up!</h1>
...

Bitcoin has formed an inverted Head & Shoulders pattern meaning we have a little more to go before it's fully completed. We need to climb a little more then follow the light blue line down to my correction target shown in the pictures. I will try to make this post as educational and easy to grasp as I can while not keeping the chart too cluttered. By posting several screenshots I hope that I will not cause any confusion :)

<h2>Short term target: $11,261</h2>
We have a little more to go before heading down again to my correction target which is in the $8,000 to $9,000 area. I believe we're forming an ABC correction and price will shoot up after this smaller dip.

![Screen Shot 2018-03-01 at 15.26.49.png](https://steemitimages.com/DQmZSo9GARF1yfPwTVUX96HsDGcrcnwvrytigmWSb5EPCse/Screen%20Shot%202018-03-01%20at%2015.26.49.png)

<h2>Inverted head & shoulders pattern</h2>
We can see that an inverted head & shoulders pattern is forming and which is known as a trend reversal.  This will lead to an uptrend with new impulse waves. Keep in mind that we're still in a bear market even though this trend at a smaller degree is occurring. 
 
![Screen Shot 2018-03-01 at 15.45.48.png](https://steemitimages.com/DQmW1pMeGFhGi4tyYDVTvBdoSdVyHhccj9c39pQDpJqF3HQ/Screen%20Shot%202018-03-01%20at%2015.45.48.png)

<h2>Trend lines that supports my correction target</h2>
If we start to draw trend lines we can see that they show clear support lines, and the line that goes from the shoulders fits perferctly into the correction target area. 

![Screen Shot 2018-03-01 at 15.47.14.png](https://steemitimages.com/DQmbok8AKLRkRKFXPmSUN93SoNf1deVgadvY9RCLVk8TEjz/Screen%20Shot%202018-03-01%20at%2015.47.14.png)

<h2>Trend lines that supports my correction target</h2>
If we add a trend based fibonacci extension we can see that the correction could very well hit the 0.618 golden ratio level, which also fits perfectly into the correction target area. 

![Screen Shot 2018-03-01 at 15.51.15.png](https://steemitimages.com/DQmcYS612pfm1SvkeSYUMEwTwaiN4SntvHwVy4fmX3Xjh9A/Screen%20Shot%202018-03-01%20at%2015.51.15.png)

<h2>Mid term target</h2>
My mid term target hasn't changed much and I will update it as soon as we get more data.

![Screen Shot 2018-03-01 at 15.54.34.png](https://steemitimages.com/DQmaCYZ382vZEjcQbjRWRUXAzEVgUEbxjvZVBncvwNr5YCJ/Screen%20Shot%202018-03-01%20at%2015.54.34.png)


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<i>Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.</i>