Falls below of 61.8% of the move up from the July 2017 low, but rebounding. $9005 now eyed as close resistance.
Using the July 2017 low (that was the last swing close below the 100 day MA), the price of bitcoin has moved below 61.8% of the move up from that low.
That level comes in at $8685 (see chart above), and the price moved below that level to $8400 on the Bitcoin exchange.
We are seeing a quick rebound in volatile trading. The price is back up to $8877 currently. The $9005 was the January 2017 low, and that will now be eyed as close resistance.
On the downside, the 200 day MA at $7798.71 (call it $7800 and going higher) is a key target. The price has not closed below that MA since October 2015
