Technically, since November 19, the price has been in an up and down trading range between $90,747 and $109,356. That range was broken yesterday. The momentum took the price down to near the 38.2% retracement of the move up from the August 5 low. That level came in at $86,520, but bounced and closed at $88,567.
The 38.2% retracement level is now a close risk level for sellers looking for more downside. It also represents a potential buying point if broken on the upside for buyers. It represents a key barometer for both buyers and sellers today and going forward.
Contributing to the declines include:
The hack and heist of $1.5T from Bybyte (Ethereum tokens). North Korea is being blamed for the heist. The ubiquitous risk-off fears is also be blamed for the sharp sell off. This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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