BTCUSD remains under pressure and cracks the floor of recent consolidation range (82500 zone, reinforced by Fibo 38.2% of 74858/87385 upleg), in extension of Wednesday’s 2.6% drop (the biggest daily loss since Sep 15).
Bitcoin was hit by fresh wave of risk aversion, with break below 20DMA on Wednesday and violation of 82500 higher base, to further weaken near-term structure.
Clear break of the latter is needed to validate negative signal and expose next target at 81120 (50% retracement) and open way for potential attack at psychological 8000 support (also near Fibo 61.8% of 74858/87385).
Caution on failure to clear pivotal 82500 support zone at the first attempt that may keep the price within existing range but bearishly aligned while the price holds below converged 20/10DMAs (84210/84400 respectively).
Res: 83478; 84210; 84430; 85650
Sup: 82600; 82100; 81120; 80000
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