BTC/USD Potentially Nearing End of Corrective C Wave
Updated
Fib levels from last major breakout of ascending triangle. We fell through the .618 fib level (potential double bottom) with ease. I would expect to see strong support at the .786 level which would end the corrective C wave. Admittedly, this wave could correct deeper but not without a bounce here, in my opinion. Many are calling for a 100% retracement towards the bottom around 3k, which leads me to believe the books will get crowded quickly, and start the FOMO wars into a potential uptrend. If you are a long term holder, like I am, this is a very safe entry. If you are more aggressive, you could play the sidelines and wait for further confirmation or try to catch a bounce, scalp, and re-assess.
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