- Bitcoin is trading 2.6% lower on Friday as sentiment is still weak.
- There is a key level to watch on the chart below.
BTC/USD 4-Hour Chart
Bitcoin is moving lower on Friday but it has found some short term support.
The BTC/USD found support at the 2.00 Fib extension level close to 8,500.
On the topside, the area to watch for resistance is marked in red.
This red zone has been used as support and resistance in the past and if broken could indicate the move lower was just a blip.
If the price bounces off there and moves down, this could indicate we are in the 3rd wave of an Elliott structure and more pain is to come.
If this ends up being the case the 2.618% Fib extension level could be the target for the bears.
Lastly, if you monitor the volume, you can see the sell candles have much more participants. This is also a signal the bears are in control.
|Today last price||8637.22|
|Today Daily Change||-175.10|
|Today Daily Change %||-1.99|
|Today daily open||8812.32|
|Previous Daily High||8972.02|
|Previous Daily Low||8519.64|
|Previous Weekly High||10307.33|
|Previous Weekly Low||9309.77|
|Previous Monthly High||9568.13|
|Previous Monthly Low||6856.63|
|Daily Fibonacci 38.2%||8799.21|
|Daily Fibonacci 61.8%||8692.45|
|Daily Pivot Point S1||8563.96|
|Daily Pivot Point S2||8315.61|
|Daily Pivot Point S3||8111.58|
|Daily Pivot Point R1||9016.35|
|Daily Pivot Point R2||9220.38|
|Daily Pivot Point R3||9468.73|
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