Bitcoin Price Analysis: Where could we find some support?
|- On another terrible day for cryptocurrencies, Bitcoin falls over 5%.
- The chart below shows where the market might find some support zones.
BTC/USD Daily Chart
Bitcoin has had another bearish session falling over 5%.
Now the market has taken out some key level lets look at where the market could find support.
The BTC/USD pair seems to respect Fibonacci and Elliott Wave.
So keep an eye on the 61.8% Fibonacci retracement from the current wave at 7,990.00.
This is obviously close to the 8K psychological level.
Before that 8,500 looks like a good support level as the price has been pretty sticky there in the past.
This does look like a new 5 wave pattern lower, if this is the case we would be in the wave 3 moving down.
The 3rd wave is traditionally the longest so hold on for the ride.
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Additional Levels
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