Bitcoin #BTCUSD Correction Target 30000

Bitcoin #BTC has dived as far as -20% at the time of this writing from a high of 42000 on 1/8.

The whole market was way overdue for a real correction and I believe this is it. Surprisingly I also think we have already hit the extent of that correction around the 29500-30500 mark.

As you can see from the chart there is a confluence of support here. You can see a couple days of support between 1/4-1/5.

In addition, the 0.5 Fib retrace is 29784 and the HA(R1) is at 30763. Normally I would look for the 0.618 fib retrace here, but Bitcoin has been getting a lot of attention and I think a bounce of this support area would signal to many people that its a place to buy. There is a lot of support sitting around the 0.618 at 26902, both in previous patterns as well as the HA(P+R1). I do not expect it to fall farther than this.

This is looking like Wave 2 of a larger degree series, and as such could fall further, but I dont expect it to fall below the 25287 Monthly Pivot.

Disclaimer: Dont follow the advice of random people on the internet. This is a hobby of mine. I do actively trade crypto, but I am by no means an expert.