Market Bias: Strong Bearish
Strong Resistance Level: $4500
Strong Support Levels: $3295, $2590, $1694
Taking a look at the Charts and drawing Fibonacci using July High ($8400) and August Low ($5800) as points 0 and 1, the next levels are as follows:
Recent Support Level: $4285
Next Support Level: $3295
Further Support Level: $2590
Worst Case Support Level: $1694
At press time, Bitcoin is trading at $3805 according to CoinGecko.
Only stable coins like USDT, USDC, and TUSD are in green and that too 0.1% – 0.2%, bringing all cryptocurrencies down by 10%+ levels.
Ethereum ETH is down 13.34%, EOS down 13.43%, XRP us down 17.18%, and Litecoin down 11.45% at press time.
According to experts, Bitcoin price will keep dropping until capitulation occurs and a bottom is reached, which is expected at levels between $2500 – $3200. Are you still a HODLer? Comment below.