Bitcoin Pulls Back

As anticipated, Bitcoin has fully retraced the entire breakout, to the upper bound of the range it has held since mid June. We are finding support at 20.8K, but after that we will reestablish that value area. We should have further support around 20.8K, then 18.6K, which is the lower bound. The level 17.6K should be considered a floor in case things get really ugly. If we are able to break out again, then 23.9K is the next target, if we can break through 22.4K. Anticipate the market to be quiet before the FOMC meeting today.