The crypto market is taking a severe beating these days. Ouch! While we had hoped for a good bounce for BITFINEX:BTCUSD -10.81% at $8800, the bulls didn't show up strong enough. We had some resistance and a a short rally to around $9500, but the buy volume was just not sufficient to sustain the upward trend.
The next support level for BITFINEX:BTCUSD -10.81% is at $6000 and given the weak market, I would not be surprised to see a $6000 Bitcoin -10.81% before the end of the week. I'd even say it could come even sooner, within the next 48 hours given how quickly things are moving.
If we break $6000, we need to look at fibonacci. Our the next stop is likely at $5600.
If we go below $6k, we're looks at $4200 and $3600, but I would be extremely surprised to see prices go that low. But in this market, anything is possible.
While this is definitely scary, remember that Bitcoin -10.81% is up %1000 within the last 12 months. Don't listen to the FUD the media is spreading. They're simply driving clicks. The fundamentals haven't changed, and while a good correction was more than needed, I think we'll return to a bull market before Q2 2018. There's just too much excitement and money waiting to enter the market.
