BTCUSD - That's what we were waiting for

Bitcoin is correcting. It dropped 22% in a single day but the big question is: Is this the end. I don't think so.

As shown in the chart we have some technical support points

12.100 USD
11.400 USD
10.300 USD
8.800 USD
8.200 USD
7.900 USD

I combined these crossing points of former support lines with the latest trendline and their parallels. After that I constructed a fib retracement on top starting at the 'Jamie Dimon Dip' some months ago acting as the last real steep correction.

It's difficult to tell how low it will go at the moment but I set up an interesting demand zone for buying a low dip between 10k and 8.7k.


Comments are always welcome. Stay bullish!

Merry Christmas everyone :)

Comment:

11.4 support reached. Short-Term reversal possible

Target: ~15.5k

Trade active:

Next leg lower accomplished.
Price hit given trendline exactly.
Still waiting for a dip below 10k and 9k

Comment:

Short-term reversal possible

Target: ~14.3k