Bitcoin has dropped absolutely perfectly to our major support level as expected. We now see our 1st major support at 8890 (Multiple ABC Fibonacci extension , horizontal swing low support) and a strong bounce could occur at this level to push price up to at least 11970 resistance ( Fibonacci retracement , horizontal swing high resistance).
Stochastic (34,5,3) is seeing major support above 7.7% where a corresponding bounce could be expected.
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This analysis is provided as general market commentary and does not constitute investment advice.