uncertainty in the world has pushed a lot of pairs to new lows. if we look at the US30 – DJI – DAX , we see the same structure.
bitcoin is dealing with uncertainty too and we see this back in the charts.
1: price hit the upper (5th wave) and started to form the correction which we mentioned last week.
2: price rejected at 786 of the Fibonacci and made after that nice Lower Lows ad Lower Highs.
3: it rejected the .50 of the fib at the 10.000 level again and made a sharp downside move.
4: the first extension level of the Fibonacci is a hit. (-27)
5: the price is now making a natural retracement
6: if the bears jump back in, we can see a further descend till the 8750 level which aligns with the second extension level.