Bitcoin Crashes Back to $7.4K Completely Wiping Out the October Rally
Cointelegraph By Benjamin Pirus's original article for cointelegraph.com reduced by 46%
Bitcoin finally dropped all the way down to the $7.4Ks in minutes as anticipated in our previous analysis if the key $7.8K level did not hold. Now, Bitcoin also broke below its 0.786 Fibonacci retracement level as well - its last major level before a confirmed full retrace of the Oct. 25 rally to $10,500.
After a short bounce, Bitcoin has bounced back to around $7,600 at press time. If Bitcoin falls further below $7,307, it may indicate its bullish swing up to $10,500 on Oct. 25 was a fluke, resulting in net sideways action for the past month.
On a bullish note Bitcoin did not yet breach the previous low and bounced with a fair bit of strength from $7,390 up to $7,640. If Bitcoin continues to tumble $7,230 may provide a bit of support. At the bottom of the last bear market in 2018, Bitcoin's 200-week MA acted as strong support near $3,200.
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