I would like to pay my respects to one of the greatest minds of our time, RIP Dr Stephen Hawking.
Taking a look at the Bitcoin chart this morning we can see that we are heading into my critical support zone again, lets take a look.
I drew a fib in from the last major bullish market move we experienced, which was the rally from 6k up to the 11k zone.
We can clearly see support zone around the 50% retrace, which is very normal for this market, considering volume and volatility is down quite a bit since we first started dropping from 20k.
The support zones mentioned in the previous report are still holding, with 8800 being the final pillar of strength.
Should 8800 fail us today I would expect more bearish action and a retest of $8200, possibly $7200, if the 8k zone fail to summon the buyers.
In my personal opinion the market is looking healthy, this is only if prices remain above $8800.
If the above mentioned support levels fail we will be in for a further correction in the market and more panic selling.
Worst case scenario in my opinion is we take a dip into the 6k zone, but I think buyers will quickly step and catch the knife.
Longer term speaking we are also in the 50% retrace zone from 20k, this is considered by many as a good retracement and a healthy correction for this size market cap.
Taking a look at the Bitcoin chart this morning we can see that we are heading into my critical support zone again, lets take a look.
I drew a fib in from the last major bullish market move we experienced, which was the rally from 6k up to the 11k zone.
We can clearly see support zone around the 50% retrace, which is very normal for this market, considering volume and volatility is down quite a bit since we first started dropping from 20k.
The support zones mentioned in the previous report are still holding, with 8800 being the final pillar of strength.
Should 8800 fail us today I would expect more bearish action and a retest of $8200, possibly $7200, if the 8k zone fail to summon the buyers.
In my personal opinion the market is looking healthy, this is only if prices remain above $8800.
If the above mentioned support levels fail we will be in for a further correction in the market and more panic selling.
Worst case scenario in my opinion is we take a dip into the 6k zone, but I think buyers will quickly step and catch the knife.
Longer term speaking we are also in the 50% retrace zone from 20k, this is considered by many as a good retracement and a healthy correction for this size market cap.