Since last week, Bitcoin has dropped through the previous support levels of $9,150 and $8,500, finding a strong support with a 50% retracement from the previous low. Support has been found just above the static support level of $8,300 and dynamic support from the 200 exponential moving average. We should be seeing Bitcoin looking to retest its previous support line (now resistance) of $8,900 in the coming days. If it breaks through successfully (which is a possible outcome as indicated by support form a 50% price correction and static and dynamic support) the next test of Bitcoin’s strength will be at $9,150 and again at $9,500.
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