…[Bitcoin] fell yesterday by 7% to below 10,000, just shy of its 50% Fibonacci retracement level of 9,947.6,..as shown on the following Monthly chart and, should it break below 10,000 again (it bounced up to 10,967 overnight), and holds…[at] the 50% Fib level, we could see a dramatic and swift plunge in price.
The original article by Candy Matheson has been edited here for length (…) and clarity ([ ]) by munKNEE.com to provide a fast & easy read.
…10,000 represents a major support level, formed by a downward-sloping neckline of a bearish Head & Shoulders pattern. It spiked below 10,000 on Tuesday to a low of 9,949.4 before bouncing a bit to its current price of 10,967.
If BITCOIN breaks below 10,000 (again) and holds (as well as the 50% Fib level of 9,947.6), we could see a dramatic and swift plunge in price. A measured move of such a break would send it back to its all-time low.
This crypto currency is no stranger to volatility, so anything is possible. Buckle up!
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