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Bitcoin is in free fall once again as crypto sentiment takes a dive

  • Bitcoin is now trading over 7% lower on Wednesday as most cryptocurrencies are in free fall.
  • The next major support level is at 8,300.00 around $300 away from the current price.
Bitcoin is in free fall once again as crypto sentiment takes a dive
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD Daily Chart

Bitcoin is struggling like all of the crypto majors on Wednesday afternoon and is currently over 7% lower.

The next support zone on the way down is at 8,300.00 and beyond that the psychological 8K.

The market is now consistantly making lower lows and lower highs and the market is looking pretty heavy.

On the chart below, there is also the 50% Fibonacci level and the trendline that could also provide some support. 

Eitherway, it's a tough day for crypto fans.

Bitcoin Fall

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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