Bitcoin Drops Over 12%, Finds Support at First AVWAP

Over the last three days, Bitcoin’s price has dropped over 9300 points vs. the USD, for a total drop of 12.6% as of Sunday morning ET.

This has brought the price down to a confluence of support offered by a) the Anchored VWAP from the 23FEB low, as well as b) the 38.2% retracement of the same swing.

This is a common level of support for the price to get the first “bounce” since resting limit orders are commonly found at these levels, especially when they are in confluence with each other.

We believe that the price of Bitcoin (and likely most other currencies as well) will fall into a multi-week consolidation pattern which is very common, and in fact DESIRED, after an incredibly strong run over the last few weeks into new all-time highs.

This usually comes as a shock and surprise to the newer retail trader who waited until the last minute to buy in, based on FOMO (fear of missing out) which usually results in this reaction.

There is a possibility that the corrective range could deepen, and we’d know this if the price sets up a “lower high” on the daily chart, then undercuts today’s low. Price should hold above $59.5K if the fib retracements are respected.

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