Made a bit of a projection earlier today, as bitcoin was touching on that blue line at the 32% retrace, and it seems to be happening, so let's just share; bitcoin is correcting! Two scenarios I think might happen; a retrace to the bottom in it's current channel, or it breaks the channel and falls back to an older channel. Arrows tell the tale. Let's see what happens!
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Moved the fibonacci a bit, to see what the actual pattern is. Either way, bitcoin is currently still trapped in a downward trend, so like nummus mentions below; correction might continue!
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We might have a breakout from the corrective channel!
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There she goes!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.