As a chart pattern recognition trader, I see the current price drop in Bitcoin as a potential buying opportunity.
The attached Daily chart indicates a buy Gartley pattern completing with another AB = CD pattern at the exact Fibonacci 786 retracement ratio off the swing low in May 19.
This level has been tested for 3 consecutive days, and has rejected lower price each time.
A rally equal to the last one would take Bitcoin 1600+ points off the 7690 low to around 9290 area would be my guess. Should this turn out to be the end of the current correction, then that target would be the minimum objective on the trade.
Of course, as with all good things. chart patterns fail occasionally, so we ALWAYS protect ourselves with stop losses just in case.
A move below today’s low would suggest support of the last 3 days has failed and would not want to stand in the way.
Long from 8151 stop 7690 target 9091
Good luck if you take the trade