Once more into the breach, dear friends.

Emergency update on BTC because there's a lot of panic selling. I'll start off by saying BE COOL. It would have been nice if BTC tested $9,600 but the markets, like life, doesn't always give us what we want. Currently BTC has decisively broken below the Fib's .236 and is likely to head down to $7,300 where there's a LOT of support. There's always going to be chatter about a $3,500 Bitcoin and while anything is possible, don't get suckered into believing that just yet because until it drops below the current Fib and long term baseline, $3,500 isn't going to happen. Stay calm, wait and see how the market responds to support and trade accordingly. If BTC drops to support, you'll see it form a triangle where it'll either break one way or the other. I'd wait until that happens before making any knee-jerk reactions to the recent drop.

Trade active:

Approaching baseline support of $7,200 and Fib support of ~$7,300. RSI is around 33 right now with a baseline estimate of 31.33. If it reverses here, resistance levels are $8,000, $8,400 then $9,000.

Trade closed: target reached:

Wick has touched bottom of Fib. RSI is right on the baseline. I know a lot of people are calling for $7200 or lower but frankly this isn't a bad place to build positions. Long term baseline is still $7100-$7200 and should it drop below, I'll be using tight stoploss limits. Best wishes everyone.