Bitcoin (BTC) Morning Update: The 0.618 Fibonacci Zone Likely to be Hit

SUMMARY

Overnight Bitcoin (BTC) price action hasn't yet resolved whether the C wave of the minor correction ABC is complete or yet. While price went as low as $8,359 (wave 3); the 0.618 Fibonacci zone ($8,200) has not been tagged. IF price stays beneath the 0.382 Fib level; it will likely be repelled in a five wave down move as shown by white arrow in the below chart. Quite often, price will temporarily exceed this level. There is a count and scenario which can technically say the ABC minor correction is complete but that will first need price to exceed the 0.382 ($9,550) level.

The longer term perspective also needs to be taken into awareness. The blue and red lines represent trend lines of support. IF price continues moving down then the 0.78 Fib level is probably the support zone that'll meet the blue line. Given that price has broken down below the white upper trend line; lower low considerations need to be assessed. Still, price is within the time window to retake a position above the white line. Let's see how the day time price activity fair.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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