Could Bitcoin Freefall toward $3000?

Bitcoin is currently testing around the $17,000+ region, and if it falls below, the next short term FIbonacci target is around $16500, then the long-term Monthly (time frame) Fibonacci target is around $3100. This is a stark reminder of just how quickly this market can be liquidated. We saw dramatic falls between previous Fibonacci support. Stay sharp and keep tight stop losses. I am keeping an eye on these key levels on higher time frames, that I have been watching all year. These longer term support lines have proved very accurate during this bear market. It's been very easy to short to them. With the news of the economy slowing, it is very possible to see Bitcoin and overall crypto market cap continue to breakdown.

Short term Fib target $16,500

There are several key support & resistance pivots around $13,100, $12,800, $10,100 and $9,000, $8,300, and $7,700 to watch for in the event the price turns down further. These would be tested long before we fall $3100.


Disclaimer: This is not financial advice, do your own due diligence, only invest what you can afford to lose.