• 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.

Bitcoin Elliott Wave

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

 

 

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