, it naturally followed that Bitcoin 's price was going to slump. Hence, price has fallen from a high of yesterday of 588 until a low today at 472.

Let's take a closer look at the BTC/USD H1 chart below (click to expand):

I've performed the Fibonacci study from the two points mentioned above, i.e. from 588 till 472.

As can be seen, price did manage to perform a 50% retrace (circled in red), at 530. I have to say that's a pretty strong retrace for a piece of bad coin press.

However, since the 50% retrace, price then continued to fall down until the 23.6% Fib level at 500. Of course, 500 is a significant number as it's a psychological whole number.

Right now, price is hovering around the 23.6% Fib level (500), but with the Accelerator Oscillator and Awesome Oscillator having turned red, and the Stochastic Oscillator also crossed down, we could see a further drop to around the lower Bollinger band, as long as 23.6% / 500 (which is now a support), level fails to hold.

, it naturally followed that Bitcoin 's price was going to slump. Hence, price has fallen from a high of yesterday of 588 until a low today at 472.

Let's take a closer look at the BTC/USD H1 chart below (click to expand):

I've performed the Fibonacci study from the two points mentioned above, i.e. from 588 till 472.

As can be seen, price did manage to perform a 50% retrace (circled in red), at 530. I have to say that's a pretty strong retrace for a piece of bad coin press.

However, since the 50% retrace, price then continued to fall down until the 23.6% Fib level at 500. Of course, 500 is a significant number as it's a psychological whole number.

Right now, price is hovering around the 23.6% Fib level (500), but with the Accelerator Oscillator and Awesome Oscillator having turned red, and the Stochastic Oscillator also crossed down, we could see a further drop to around the lower Bollinger band, as long as 23.6% / 500 (which is now a support), level fails to hold.