With the price of Bitcoin selling off lets take a look at the daily chart to identify pivot points and potential levels of support.
Looking at the chart above you can see three horizontal lines drawn. The upper most represented the last big pivot point around 51,200 which price has pushed back down through, thus that level did not step up as a support.
Next we have the 48,200 area which bitcoin came near before bouncing a little as I type this. So I will be paying attention to if this level does become a support. Oddly, it wasn't really a big pivot level, more so a consolidation after price rallied off the 44,500 pivot point.
Which would represent the next potential support level. The 44,500 pivot was much more prevalent as it marked the turnaround from a hard selloff that commenced after bitcoin had spiked to a new high at the time.
We shall see how it all plays out, but those are the near-term levels I'm keeping my eye on.
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