Author:
After the two day rally from $7,300 to $9,000, Bitcoin had encountered the $9,000 resistance and turned it’s way down. This time the trigger was Binance exchange’s FUD, coming from Japan.
As of now, Bitcoin found support at the important $8,4000 level, which is also the %38.2 Fib retracement since the last move up. From here, breaking down the $8,400 area will probably send Bitcoin to test the low levels of last week – $7,800 and then $7,300. From the bull side, if we get supported here we will likely to test the descending line at around $8,650 and from there to $9,000.
BTC/USD BitFinex 4 Hours chart
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