I see no reason to invalidate this structure unless we see more downward movement. Price has gone down almost 19% since hitting 49k. the same people who do not consider a 19% drop in price to be a correction are the same bitter people who did not buy at 20k-30k. looking at fibbonaci retracements, price is sitting on 23.6% support. it doesn't mean we can't go down to 38.2% retracement level. i'm just stating this because as long as this level of support remains intact, i have no evidence to support price will retrace back to 38.2% level, which actually is a rational and a legitimate target to aim for. this level falls on the 38k support level, the one that everyone is waiting for.
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