Okay, btc falling, alts bleeding, not a nice look. But before we start a panic, take a break.
You probably heard many famous traders say dont go with the herd, so when everyone is bearish you should start questioning your bearish bias.
Actually I did not expectect btc go this low without a retrace, but it is what it is.
Lets look at the chart.
0,618 fib did not hold as i expected. We bounced off 0,786 fib at around 6350usd. If this area holds i think we are in for a nice run upwards.
If we look at the bigger Picture, we can see theres a possibility for btc forming inverse head and shoulders pattern. Obviously we are now at the level of left shoulder.
If we consider our upper trendline a neckline, the target for this pattern would be at around 10200usd, which matches nicely with 1,618 fib extension.
This theory is valid only if 0,786 fib level holds.
You probably heard many famous traders say dont go with the herd, so when everyone is bearish you should start questioning your bearish bias.
Actually I did not expectect btc go this low without a retrace, but it is what it is.
Lets look at the chart.
0,618 fib did not hold as i expected. We bounced off 0,786 fib at around 6350usd. If this area holds i think we are in for a nice run upwards.
If we look at the bigger Picture, we can see theres a possibility for btc forming inverse head and shoulders pattern. Obviously we are now at the level of left shoulder.
If we consider our upper trendline a neckline, the target for this pattern would be at around 10200usd, which matches nicely with 1,618 fib extension.
This theory is valid only if 0,786 fib level holds.