Crypto update

CRYPTO BLOODBATH! What a washout today, and it may not be over. Lets take a look at the charts.

BTCUSD Daily on Bitstamp

  • trading at 9740usd at press time
  • We have had a hard flush over the last 4 days with a fake breakout after testing the 10k support.
  • Many (inc me) thought that the hold on the 10k support was it. We are unlikely to revisit 4 digit bitcoin prices ever again. I was WRONG
  • We have had a local low of 9467 on Bitstamp, this is below the previous local low of 9614 by about 150usd.
  • This may have potentially opened the trap door to a break further down.
  • We are through our 21dema and 50ema indicators. 9750-9600 is a level to watch.

BTCUSD Hourly on Bitstamp

  • In the hourly you can clearly see how the floor has dropped out from the bids in the lat 2.5 hours
  • This is coinciding with the FB and social media senate hearings that are focusing on Libra. Correlation is not Causation though
  • In several previous posts I call for a retracement back well into the 4 figure prices link

and from here were do we go?

  • I think we have a few resistance levels still below us to test.
  • 9700-9600 is the first one
  • 8850-8750 is the next
  • And then there is 7500
  • 21 weekly moving average, a major support indicator in bitcoin bull runs is at 7850 at the moment.
  • I will watch closely because if we break 9k, stop losses may be called for.
  • Whenever sentiment turns bearish, our collective imagineations always see the dark side of all analysis
  • Also we have only very recently been treated to a rally in bitcoin after a brutal winter. We have not yet put our coats and boots away, and so it is not hard for us to imagine a last flash of cold conditions in cryptoland.

Hope for the best, plan for the worst!

As always guys, leave comments, have fun and trade safe.

Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.

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This is when you're at your best, I think BTC goes down today then levels off for a few days before the next up swing.