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#BTC# Update
If you have been following me closely, this correction was long-awaited. There is always a "real" reason for the drop. This time it was the FOMC, tariffs, jobs report and the drop in US stocks.
I may have entered the long prematurely at 114,250 but it is still good to go.
Our first golden pocket was between 113,650 and 114,700 and the other possibility which I regarded as less likely was a re-visit to the May high at 111,700.
So far, BTC has dropped down to 112,690. At the 0.382 level (113,650) we also have the channel bottom and at 113,300 we also have the VWAP anchored to the last dip at 98k.
This is truly a zone of confluence and the drop should be complete here or at 111,700 the lowest.
The EQ of the range is at 110,700 and losing it on a daily timeframe would be the invalidation for a bounce. Hence my stop loss is below 110k.
If 110,700 is somehow lost, the next zone of interest is the golden pocket between 106,660 and 107,720. I don't think BTC will drop there but you should be aware of the level in the worst case scenario.