Bitcoin About To Start Free Falling To The Downside?

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by  Kimble Charting

Could Bitcoin fall 50% and remain inside of a long-term bull channel/trend? Yes

Bitcoin has created higher lows and higher highs over the past 8-years inside of the rising channel (1). Despite Bitcoin declining nearly 50% of late, it remains inside of this rising channel.

Currently, Bitcoin is testing the 161% Fibonacci extension level at (2), which comes into play at the 29,000 level.

This extension level currently represents strong support inside of the 8-year rising channel.

If this support line would happen to be taken out to the downside, some serious selling pressure could hit Bitcoin.

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Keep in mind if this support level breaks, the 8-year rising channel support comes into play around the 15,000 level, which is a large percent below the current price.

The Fibonacci extension level is a critical support test for Bitcoin and the entire crypto market!

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