As anticipated, Bitcoin has fully retraced the entire breakout, to the upper bound of the range it has held since mid June. We are finding support at $20.8K, but after that we will reestablish that value area. We should have further support around $20.8K, then $18.6K, which is the lower bound. The level $17.6K should be considered a floor in case things get really ugly. If we are able to break out again, then $23.9K is the next target, if we can break through $22.4K. Anticipate the market to be quiet before the FOMC meeting today.
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