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

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.

BTC/USD

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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD approaches $7,000, bulls may be disappointed once again

BTC/USD resumed the upside trend after a consolidation around $6,700 during the weekend. At the time of writing, BTC is changing hands at $6,930 and the upside momentum is gaining traction.

More Bitcoin News

Ripple Price Analysis: XRP/USD may return to $0.1800 before another bullish assault

XRP/USD is changing hands at $0.1850 with 2.6% of gains since the start of the day. The third-largest digital asset with the current market value of $8 billion has been moving within a strong bullish trend amid expanding volatility. 

More Ripple News

ETH/USD leaves $154.00 behind, no reversal in sight

ETH/USD jumped above $154.00 after the bulls managed to clear psychological $150.00. The second-largest digital asset has gained over 7% since the beginning of the day and 5% in the recent 24 hours amid Bitcoin-led recovery on the cryptocurrency market.

More Ethereum News

Cryptocurrency market update: Major cryptos remain on track to post weekly gains

Ethereum (ETH/USD) failed to hold above $150 earlier in the week but is still up 15.4% on a weekly basis at $143.50. $150 (Fibonacci 38.2% retracement of mid-March fall) aligns as the first critical resistance followed by $153.50 (Mar. 20 high).

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP