• 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.

Bitcoin

Additional Levels

BTC/USD

Overview
Today last price 9380.22
Today Daily Change -278.90
Today Daily Change % -2.89
Today daily open 9659.12
 
Trends
Daily SMA20 9912.19
Daily SMA50 9173.18
Daily SMA100 8259.77
Daily SMA200 8855.43
 
Levels
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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