4 days ago I updated here about bitcoin downtrending and it's targets.
I'll just add a small update to the post to keep up with the latest information and revised retracement targets.
In my opinion getting to the lower .618FIB retracement level would be a very hard thing considering the trend we have right now, still .618FIB is not an impossible target.
The more likely target is .50FIB retracement level at $8,250.
For now it looks like we have completed our A wave and are heading towards B.
Done With A, Now Heading Towards B
I would also like to share an alternate count with you guys.
This is highly unlikely but it's a possible scenario to keep in mind as some people are talking about this count as well.
My Alternate Count, Highly Unlikely But Important To Keep In Mind
The scenario where something only retraces to .382FIB is pretty rare but not unseen before but, the reason I don't think .382FIB will hold it and the downtrend will end there is because we struggled to reach $10,000. Eventually not getting there.
It just shows that the market didn't had the volume to get it there, or the fact that bigger players are in full control of the market.
downtrending more is very likely scenario but keep this in mind as well.
The easy to be fooled by the market so always keep you entries near the FIB levels.
If I were swing trading I would have had one of my buy zones at $8,600 because getting into a trade and taking a small loss is better than waiting for it to come down to $8250, which might never happen and missing out on a good opportunity.
@VARUNPAHERWAR
