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…[Bitcoin] fell yesterday by 7% to below 10,000, just shy of its 50% Fibonacci retracement level of 9,947.6,..as shown on the following Monthly chart and, should it break below 10,000 again (it bounced up to 10,967 overnight), and holds…[at] the 50% Fib level, we could see a dramatic and swift plunge in price. The original article by Candy Matheson has been edited here for length (…) and clarity ([ ]) by munKNEE.com to provide a fast & easy read.
…10,000 represents a major support level, formed by a downward-sloping neckline of a bearish Head & Shoulders pattern. It spiked below 10,000 on Tuesday to a low of 9,949.4 before bouncing a bit to its current price of 10,967. 
If BITCOIN breaks below 10,000 (again) and holds (as well as the 50% Fib level of 9,947.6), we could see a dramatic and swift plunge in price. A measured move of such a break would send it back to its all-time low. This crypto currency is no stranger to volatility, so anything is possible. Buckle up! Scroll to very bottom of page & add your comments on this article. We want to share what you have to say! Related Articles From the munKNEE Vault: 1. Bitcoin: This Is More Than A Dip; This Is Initial Plunge Into A Bear Market Bitcoin is done, finished, and anyone thinking that they have gotten hold of a bargain here, unless they are an artful short-term trader, is going to get their head handed to them on a plate ? and it will be the same all the way down, as it drops lower and lower. At the end of the day Bitcoin is just a worthless line of code that fools have been jockeying to buy and overpay for. 2. How Much, If Anything, Should You Allocate To Bitcoin In Your Portfolio? A lot of people think cryptos are in a big bubble. They're some of the most volatile asset markets have ever seen and, with so many different types of cryptos out there, it can be hard to know how much of your portfolio you should allocate to any one of them so today, I'm clearing up the confusion. 3. Use This Chart to Time Your Investment In Bitcoin We can expect bitcoin to begin to trade along other typical stock market patterns, like seasonality, next year, and this chart will be one I use to time any investments into it. 4. Bitcoin: Answers To 7 Questions You Were Too Embarrassed To Ask While almost everyone has heard of Bitcoin at this point, many people are fuzzy on the details: what is a bitcoin, exactly? How do I buy some? What would I use it for? Here are the answers to those and a few other questions you were afraid to ask. 5. Here Are All The Ways You Can Buy, Trade, and Invest In Bitcoin Trading bitcoin may still not be as simple as trading most stocks, but it has made huge strides toward becoming a mainstream investment in 2017. Here's a look at all the ways traders can play bitcoin and what may be coming next. 6. Bitcoin: Plan Your Exit Strategy NOW ? Don't Wait Until the Stampede Starts The above are the questions you need to be asking now, during the euphoria stage of a bull market. I'm not calling the top in bitcoin. 7. Bitcoin: Total Wipeout Alert The pattern on the Bitcoin charts has all the hallmarks of a final terminal blow off that will be followed by a catastrophic wipeout and probably soon…The inexperienced get rich quick merchants who have been flocking in droves to Bitcoin in recent weeks will be vaporized. For all the latest - and best - financial articles sign up (in the top right corner) for your free bi-weekly Market Intelligence Report newsletter (see sample here) or visit our Facebook page. The post If Bitcoin Breaks Below $10,000 Again We Could See A Further Dramatic & Swift Plunge in Price appeared first on munKNEE dot.com. |
