# Bitcoin's Short Term Uptrend Breached

The short term uptrend which has been acting as support for Bitcoin has now been breached, as well as 2 Fibonacci levels:

![image.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1513945712/r9mmgqshadcddsom5xrt.png)

You may also notice a new addition to my chart here, an Elliott Wave count. Im still studying EW theory, but there appears to be a clear 5 wave pattern that has formed on the recent rally.

This means we should now be seeing an "ABC" correction taking place.

### What Does That Mean?

What that means is we should see a move lower (Or "A", which we're doing now) followed by a bounce up (B), and then another pullback lower (C). 

## 50% Correction

The 50% retracement level provided a short term bounce and is holding (for now?). This was also due to the fact that the RSI went oversold momentarily as we can see here:

![image.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1513946199/pajudapr1v9p9brbulcj.png)

The MACD is also still bearish:

![image.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1513946172/pc41bgig4jkamzym1azj.png)

## How Things Change

NOTE: I started writing this post about an hour ago and got called away, so the above charts are already looking different right now. So, before posting this, I'll update further...

# Update!

A third Fib level has now also been breached as Bitcoin continues to fall:

![image.png](https://res.cloudinary.com/hpiynhbhq/image/upload/v1513953710/hnqs3uw4coasmmiolfkc.png)

The retracement is now over 50% and is around 60%.

### Important Level

$11000 is now the most important level. If that gets breached, then the rising support line will be the next major area to be tested. At the moment it ***appears*** to be safe.

I was not expecting the correction to move as fast as it has.

### Buckle up everyone! & Thanks for viewing!