Technical analysis by RejaA about Symbol BTC on 1/8/2021

Bitcoin has pumped a lot in the last few weeks. We can surely predict a correction soon as the matter of fact I think that it just started. RSI index is at the all time highs and there is a doji star forming currently on the daily timeframe. I predict that we will retrace to the 20 week MA as we did in previous cycles, and in this chart I show the probable scenario of retracing to 0.618 fibonnaci retracement level. We could be expecting around 50% to 60% correction, which is completely normal in the bitcoin bullruns. That would put a price per one Bitcoin to around 18000$ at the bottom of the dip.