- Bitcoin is trading over 3% lower on another bad day for crypto markets.
- The price has made a new lower high lower low pattern and things could get worse.
BTC/USD Daily Chart
Bitcoin's price action has looked dire on Tuesday. The market has moved away from the highs seen on February 13th.
On the Tuesday night close, if the market closes below 9,227 then we could be headed toward the 8,500 area marked on the chart.
This could be the start of a deeper correction with a new Elliott Wave pattern or could simply be the end of an ABC correction.
For now, we must keep an eye on price action and a break below 9K for confirmation.
There is also a trendline there that could help provide some support in the future if the price does fall.
|Today last price||9380.22|
|Today Daily Change||-278.90|
|Today Daily Change %||-2.89|
|Today daily open||9659.12|
|Previous Daily High||10027.5|
|Previous Daily Low||9479.72|
|Previous Weekly High||10307.33|
|Previous Weekly Low||9309.77|
|Previous Monthly High||9568.13|
|Previous Monthly Low||6856.63|
|Daily Fibonacci 38.2%||9688.97|
|Daily Fibonacci 61.8%||9818.25|
|Daily Pivot Point S1||9416.73|
|Daily Pivot Point S2||9174.33|
|Daily Pivot Point S3||8868.95|
|Daily Pivot Point R1||9964.51|
|Daily Pivot Point R2||10269.89|
|Daily Pivot Point R3||10512.29|
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