Bitcoin traders have sold over the last couple of sessions, as we are below the $13,000 level at the time of this recording. It is the 38.2% Fibonacci retracement level of the recent move on the daily chart, but I think we are bound to go much lower. The 50% Fibonacci retracement is at the $10,700 region, and the 61.8% Fibonacci retracement level is closer to the $8700 level. I think that we are likely to see at the very least the 50% retracement level tested. The 20 SMA is starting to roll over, and it’s likely that we will continue to see selling pressure, at least in the short term. The stochastic oscillator is very negative, and I would be the first point out that the most recent heavy volume candle on the daily timeframe was decidedly negative.
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