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.