If you have been following Bitcoin for even the slightest bit of time, you can see that there appears to be some significant fear in the market. Bitcoin was once at nearly 20K only 6 weeks ago and now it is having trouble staying above 9k.
The chart above shows the last 3 days of price movement and just how difficult it has been to maintain any amount of support. It looked like there was some resistance at around 10100 and after the third attempt the price plummeted to 8500, found no support at 8800 and fell lower to around 7700. From there it shot up nicely to 8800, a mild drop to 8600, and then back up to break the 9000 mark. It looks as though if we can maintain 8800 for an appreciable amount of time we may have a stable point. A break from there looks to 8500 for support and then back below 8000 after that.
This is a tough chart to stomach given the massive gains we have seen over the past 6 months or so, but what goes up must go down.
Stay tuned for more updates!
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