So it looks like my previous scenario that I had posted for BTC has come into effect.
Whilst my depictions may be accurate, I want to stress that anyone trading against BTC should never try to take a predictive stance. Be flexible. We cannot tell the future, but the past leaves clues for what MAY happen.
A reactive stance is best in an uncertain enviornment.
We have bounced precisely off support region one, almost scarily accurately. However, my bias still remains. I think we have another small leg down before we are done correcting.
Fundamentally - I am still mid to long term, short term I am to neutal.
Points to consider:
Current support: 8800-8700.
My bias target: 8500-8400
-The 38.2 region is around 8500
-The extension lines up to around 8449 region
-Bitcoin is which would mean the 38.2 is the most magnetic target
-There is a small chance we have boucned here and will continue up
-I believe bitcoin is for a long time to come now
-One more capitulative leg down would make be happy and to see this correction as healthy.
There is definitely a chance that we bounce here, so PLEASE keep that on the table.