Direct from the desk of Dane Williams,
This is not your average forex broker blog.
BTC/USD Technical Analysis
If you haven't read in the mainstream financial media, Bitcoin had a down day today (lol).
Crypto Twitter isn't the nicest place to be right now, with all the usual legacy finance guys popping up their heads and ripping into crypto.
It was a bad day for an immature, volatile asset class. There's no denying that fact.
But with Bakkt futures now fully operational, the bottom line is that the crypto ecosystem continues to evolve deeper and deeper.
Ignore the noise telling you that regulated crypto futures shouldn't be a thing because they just benefit shorters. That's fucking garbage.
This is about building the long term infrastructure to allow institutional investors access to Bitcoin. You know, those trillions of dollars that literally have to be invested somewhere such as stocks, commodities, indexes etc.
But what Bakkt does, is allow this money to be easily traded in and out of bitcoin by institutional investors. Access has been opened up and money now has somewhere else to go.
So what happaned to price today?
We've been following Bitcoin above daily support for a while now...
Well, we can say goodbye to the zone acting as support, because it's goneeeeee.
Support broke, stops were triggered, price dropped hard. Just take a look at the chart.
It is what it is. That's markets.
So where to now for the Bitcoin technicals?
Certainly a bit of room to fall inside that higher time frame flag!
I'll now move across to my Inner Circle ⭕️ email, where later today I'll be talking about this violent downside move from an intraday trading point of view.
See you there!
Best of probabilities to you,
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@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.