Bitcoin Price Analysis: Is this just a small blip?

Bitcoin is trading 2.6% lower on Friday as sentiment is still weak.
There is a key level to watch on the chart below.

Rajan Dhall, MSTA FX Daily

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.

Additional Levels

BTC/USD

Overview
Today last price	8637.22
Today Daily Change	-175.10
Today Daily Change %	-1.99
Today daily open	8812.32

Trends
Daily SMA20	9798.12
Daily SMA50	9231.83
Daily SMA100	8280.82
Daily SMA200	8812.87

Levels
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

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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