You can see we had a break of a inside uptrend line, which is part of a that played out today. As of right now, we are trending down to target one, which I think will be hit and aligns with a low back on Jan 17th.
While I do think target 2 is a possibility, it will be difficult to get there as we will need to see a break of the larger up and a break of a weekly .786 fib zone.
Physiologically, I think most who are in the cryptospace see BTC at anything under 9k as a fire and blue light special sale all in one, so as we get lower the buying pressure will likely increase in my opinion. So while target 2 is/should be in play i see it as a hard one to get.
I really hope you enjoyed the video... like, share, and comment. I would greatly appreciate it.
We have hit Target 1, a close below this level on 4HR and 1HR charts. Will be watching to see if the daily candle closed below today, which would be confirmation of possible move to Fib Zone and on down to Target 2.
Great buying opportunity now in my opinion and even better if we go lower to add to any existing position.