BITCOIN based on Gann Theory is in the STRONG BEAR areas, if this continues, support might be only at 9,000 level

Looking at the price action of BTC, based on Gann Theory, we opine that prices are on a downtrend and its in the area of a strong bear, as prices is trading below the 1x1 downtrend Gann Fan line .

On the 17th of December BTC hit the highest level of 19,891 but closed lower than the day before at 18,971 from 19,187 on the 16th of December 2017, from that day onward BTC has been falling in high velocity based on Gann Fan.

To date, BTC has formed a lower low price pattern, it closed at 13,170 on the 22nd December 2017 then on the 30th december making a new low and closed at 12,377. this pattern of lower low further support that BTC is currently dowtrending.

Fibonacci retracement suggest that, BTC is currently trading in between the 23.6% resistance at 14,659 and the support of 38.2% at 11,859. To deny downtrending, BTC need to break the resistance of 14,600 level convincingly and continue its move toward the previous high of 15,500 level and stay above that level. the Question now is, can 11,800 level hold BTC from falling down further !!!. if this 11,800 level failed, then the next level of support will be at 9500 level.

For the purpose of Technical Analysis study, based on Gann Fan line, Ichimoku, Fibonacci, price pattern and trendline, we believe that BTC will continue its downtrending move until it reach its 50% Fibonacci retracement level at 9500 before finding its support and continue to move up again. And based on Gann Theory, there is a possibility for BTC to hit below 10,000 level and continue moving up in between middle to the end of January 2018 (as long it don't break below 50% fibonacci level and the trendline)

thank you.