ABCD Pattern + Bearish Trend
Updated
Just my own personal opinion on the correction:
If BTC is able to hold FIB 0.2 @ 8.5k it might break out of the trend and start the next ABCD Wave
However, if it breaks FIB 0.2 and goes to 8.2k, that's the first support level and it indicates a successful correction
But it might still fall too 7.7k which is back a few weeks ago when BTC started spiking
Buy zones:
8.6k if it holds FIB 0.2
8.3k if it bounces back from 8.2k support
Most importantly, if it breaks the trend line, it'll start a new ABCD wave and that's a good indication that BTC IS BACK!
It is very unlikely that it'll go below 8.2k because Bitcoin is an instrument for holding value, I don't see people dumping till it reaches 7k
If BTC is able to hold FIB 0.2 @ 8.5k it might break out of the trend and start the next ABCD Wave
However, if it breaks FIB 0.2 and goes to 8.2k, that's the first support level and it indicates a successful correction
But it might still fall too 7.7k which is back a few weeks ago when BTC started spiking
Buy zones:
8.6k if it holds FIB 0.2
8.3k if it bounces back from 8.2k support
Most importantly, if it breaks the trend line, it'll start a new ABCD wave and that's a good indication that BTC IS BACK!
It is very unlikely that it'll go below 8.2k because Bitcoin is an instrument for holding value, I don't see people dumping till it reaches 7k
Note
I think BTC might have broken out of the trend based on the 1H chart, observe for another few hours to see if the trend is still a bearish one
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