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Bitcoin at critical support level, price may fall sharply

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Last week, the price of Bitcoin against the US dollar rose to $ 12,325. The BTC / USD ratio began to experience a strong negative correction and traded under $ 11,500. There was a drop below the $ 11,800 pivot level and below the 100-hour simple moving average. Finally, the price tested the $ 11,200 support area and fell to $ 11,096.

Bitcoin Price Analysis BTC Chart

Currently, the price is over $ 11,300. In addition, the downward movement fell from $ 11,975 to $ 11,096, seeing a break above the 23.6% Fib retreat. However, the upward movement faces obstacles at $ 11,500 and $ 11,550. In addition, 50% Fib retraction of the downward movement shows a low resistance between $ 11.975 and $ 11.096.
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