Bitcoin is in a precarious position

Bitcoin has been trading in a sideways consolidation pattern for the last couple weeks, and could move rapidly on a break of the pattern. Just yesterday Bitcoin retested the support level and bounced, but the high selling volume is worrisome. If Bitcoin breaks down below about $9250, the next support is at $8,000 and then all the way down to the lows at $6,000. Bitcoin is still sitting near the lows of the move of the consolidation and needs to rally soon, or the selloff could continue. Bitcoin needs to gain support and break above resistance at around $11,750 in order to gain any longer term momentum.

I would be cautious of entering the market until Bitcoin starts moving higher on heavier volume.

Also noteworthy is that Steem dropped below the $3 level of support, but bounced off of the long term $2.50 support.

Steem needs to reclaim the $3 level, or it could break all the way down to $2. Keep a close watch on the markets, because they are teetering on the edge of another major selloff.

Thanks for reading! :)