Bitcoin May Retest $20,000 Zone Before It Drops To $18,000 Level

Fear has gripped investors and traders alike in light of the recent adverse market action. Bitcoin, the most well-known cryptocurrency, has suffered the highest levels of selling pressure since the crisis in June and July. With a high of $22,400 on September 13 and a low of $18,790 today, Bitcoin has fallen by nearly 8%. The price has dropped by a stunning 13.31 percent. This, too, can be explained by the unfavorable economic developments in the United States, as have the recent price fluctuations. As of this writing, the latest sell-off has not lost any of its steam. Price information from the last few days places Bitcoin between $19,344 and $18,346. Financial market participants should not place any stock in these figures. Related Reading: Chiliz Bulls Test $0.2505 Resistance – Can CHZ Reach Green Zone? Source: TradingView.com Bitcoin Needs To Crawl Back Up Bitcoin’s attempt at a comeback resulted in the formation of a double triangle, which is harmonically related to the XABCD pattern. This pattern may point to a reversal in which buyers can get in at a discount and sellers can make a profit. However, this was not the situation. Bitcoin may retest the $20,000 crucial territory before if retreats to the $18,000 level. BTC is selling at a significant discount to the 78.60 Fib level right now. Being so far away from the important psychological threshold of $20,000, this price point may hinder any further rebound. Investo...