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  • Bitcoin is trading over 3% lower on another bad day for crypto markets.
  • The price has made a new lower high lower low pattern and things could get worse.

BTC/USD Daily Chart

Bitcoin’s price action has looked dire on Tuesday. The market has moved away from the highs seen on February 13th.

On the Tuesday night close, if the market closes below 9,227 then we could be headed toward the 8,500 area marked on the chart.

This could be the start of a deeper correction with a new Elliott Wave pattern or could simply be the end of an ABC correction.

For now, we must keep an eye on price action and a break below 9K for confirmation.

There is also a trendline there that could help provide some support in the future if the price does fall.

Bitcoin

Additional Levels