Test the October 28 low $56,425
the price of bitcoin is trading down around $2400 or -4.01% of $57,952. The low price extended to $56,565.02. That was just above the October 28 low price of $56,425. Recall from October 28, the price moved from around $61,500 to $56,425 quickly and then bounced back just as fast to the upside.
The move to the downside today has taken the price below the 38.2% retracement of the move up from the swing low from September 22. That level comes in at $57,758.97. The current price is trading just above that level on the rebound higher.
If trading becomes more comfortable below that retracement level, we could see another run toward the now double bottom.
Conversely, the price can rotate back to the upside just as easily (witness the price action from October 28). The retracement will becomes the barometer for the buyers and sellers.
