Bitcoin Price Analysis: Where could we find some support?

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