Bitcoin: ⬇️ Sell
– Bitcoin broke key support level 75000.00
– Likely to fall to support level 68000.00
Bitcoin cryptocurrency recently broke the support zone between the key support level 75000.00 (which stopped correction (4) twice in the middle of September) and the 50% Fibonacci correction of the upward impulse from August.
The breakout of this support zone accelerated the active impulse wave 3 of the wave (C) of the primary ABC correction 2 from the end of September.
Given the strongly bearish crypto sentiment seen today, Bitcoin can be expected to fall further toward the round support level 70000.00 and then to 68000.00 (target price for the completion of the active wave (C), near the 78.6% Fibonacci correction). Selling intensified after Jensen Huang stepped down as the CEO of Nvidia and MSCI confirmed it will remove Strategy from its indexes on 30 November.
If 70000.00 holds, Bitcoin can correct up toward 75000.00 (now resistance). A daily close above 75000.00 would cancel this bearish scenario.
In short, Bitcoin stays bearish below 75000.00; the Fed decision on 9 December is the next key event.
Get daily and weekly ActionForex analysis and key releases on our Telegram channel.
