Bitcoin Price Analysis: Where could we find some support?

On another terrible day for cryptocurrencies, Bitcoin falls over 5%.
The chart below shows where the market might find some support zones.

Rajan Dhall, MSTA FX Daily

BTC/USD Daily Chart

Bitcoin has had another bearish session falling over 5%.

Now the market has taken out some key level lets look at where the market could find support.

The BTC/USD pair seems to respect Fibonacci and Elliott Wave.

So keep an eye on the 61.8% Fibonacci retracement from the current wave at 7,990.00.

This is obviously close to the 8K psychological level.

Before that 8,500 looks like a good support level as the price has been pretty sticky there in the past.

This does look like a new 5 wave pattern lower, if this is the case we would be in the wave 3 moving down.

The 3rd wave is traditionally the longest so hold on for the ride.

Additional Levels

BTC/USD

Overview
Today last price	8825.47
Today Daily Change	-480.84
Today Daily Change %	-5.17
Today daily open	9306.31

Trends
Daily SMA20	9896.72
Daily SMA50	9204.06
Daily SMA100	8267.82
Daily SMA200	8844.64

Levels
Previous Daily High	9680.16
Previous Daily Low	9239.78
Previous Weekly High	10307.33
Previous Weekly Low	9309.77
Previous Monthly High	9568.13
Previous Monthly Low	6856.63
Daily Fibonacci 38.2%	9408.01
Daily Fibonacci 61.8%	9511.94
Daily Pivot Point S1	9137.34
Daily Pivot Point S2	8968.37
Daily Pivot Point S3	8696.96
Daily Pivot Point R1	9577.72
Daily Pivot Point R2	9849.13
Daily Pivot Point R3	10018.11

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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