Bitcoin down 8% to $9167
My view on Bitcoin technical analysis is that you want to use a thick pencil. Price discovery is spotty with varying prices at different exchanges. Because of that, it's less likely there will be a run on stops at an exact level.
At the same time, there are zones that bear watching. Bitcoin has been just above $10,000 for a couple weeks now but it fell below yesterday and the selling has continued into the new month.
With the drop, the January low -- which I have at $9185 has broken and the November gap low is also very close to being breached.
If those all go, and I'd say they would need to break by at least $100 to be truly broken, then a level to watch is $8597. That's the 61.8% retracement of the rally since July. Again, that's a tough on to draw but you don't need Picasso to tell you what an ugly picture looks like.
