Bitcoin cryptocurrency can be expected to fall further toward the next support level 75200.00 (which stopped the previous correction 4 in the middle of September).
- Bitcoin broke support zone
- Likely to fall to support level 75200.00
Bitcoin cryptocurrency continues to fall after the earlier breakout of the support zone between the key support level 80000.00 (which has been reversing the price from the middle of October, as can be seen from the daily Bitcoin chart below), support trendline of the daily down channel from the start of October and the 61.8% Fibonacci correction of the upward impulse from the middle of September. The breakout of this support zone which accelerated the active impulse wave C of the intermediate ABC correction (4) from the end of September.
Given the short-term daily downtrend and the strongly bearish crypto sentiment seen today on the reported Binance hack, Bitcoin cryptocurrency can be expected to fall further toward the next support level 75200.00 (which stopped the previous correction 4 in the middle of September).
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
