Bitcoin dooes not stop on the 10k USD. GBPUSD and FTSE are ready for a bearish correction

Bitcoin continues to go down. As mentioned yesterday, the first target for the BTC was the support around the psychological barrier on the 11k. Bitcoin went there but it was not enough for the bears, they continued to sell, pushing the price even lower, below another psychological barrier – 10k.

How deep can we still go on Bitcoin? The next potential target is around 8,7k USD. Why there? Well, for this estimation, we used the impulse equality pattern. Those light blue rectangles are the same, so we are looking for the same movement that happened in the middle of December.

Cable reached the lows from the February 2016 and it looks like we are ready for a correction here, especially that the price is creating a shooting star candlestick pattern. It would be nice to test the 1.362 as a support as we still didn’t do that yet.

FTSE had a really bad day yesterday. Obviously, the long-term sentiment is still positive but yesterday’s drop may be a start of a bigger bearish correction. The potential target for this is the upper line of the ascending triangle pattern (around 7600 pts) There are some chances that we will get there, creating a good occasion for the new buyers.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis