BITCOIN DOWNTREND ANALYSIS

As you all would already be seeing we had a nice drop in price in the last 2 hours for bitcoin, This was to be expected out of the 4th wave. which is a corrective wave and would usually fall to .618 FIB region.
We seem to be holding that for now and I hope we can get a nice bounce out of it and complete the 5th wave.

Now let's just say that my count is completely wrong and we have already completed the 5 waves which is a possibility so I'll also post an alternate count so if we break from this support we can look out for the next one on the line!

Not much of a difference there as you can see all we'll do is go to $6,800 support region which will be the .618 region for the whole structure.

If we still manage to break those then look for .786 on the horizon.

Now I don't think we'll go that low but it is still a possibility to see that price before the whole structure gets invalidated.
keep an eye on these levels and ladder your buys if you're thinking of going long on bitcoin.

That's all for today!