Though I do not believe that Bitcoin is quite done yet, I agree that there is indeed a correction on its way. This will be helped along with recent delays in the process as an influx of trades and users has put a massive strain on the system.
At the same time, I am also fairly confident that the correction will benefit alt-coins as the hype of cryptocurrency is still too strong to pull the investment from cryptocurrency completely...
Thanks for your responds! It's the pattern recognition that triggers my opinion. Megaphones normally results in what you see on the chart. In the Elliott Wave theory it's known as an abc correction or in harmonic trading optic - an ABCD pattern.
Trading is like the rest of the universe - ruled by Sacred geometry and the fibonacci ratios is part of that. I'm therefor more convinced when also a principal fib ratio as the one shown gives support to the technical analysis. But.... time will tell.
Bitcoin is in a parabolic move and I admit price could continue climbing for the next fib level along the upper trendline. In that case - confirmation is always needed for a successful trade.
The toolbox for that is also part of my toolbox.
Confirmation within trading is everything if one want to be successful...and we will of cause.... ;)
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