Bitcoin Roller Coaster Ride Continues
Bitcoin has been on a roller coaster over the last week. After reaching a recent low around $9,100, bitcoin shot backed up to around $14k as investors piled in thinking this was a seasonal fall with bigger gains ahead.
That was last week and with only a few trading days into this week Bitcoin has fallen back down to recent lows just above $10k.
Based on the current price as seen in the chart Bitcoin is in danger of breaking its current support line of around $10,300 with the price currently above $10,100 level.
If the support level is breached on this daily candle the next leg down for support is around $8,000 - $8,100 level as shown in the chart.
Like I have been saying in my recent posts for Bitcoin, now that you can short Bitcoin via the futures market it has played havoc on Bitcoin's run to new highs. To view my previous post on Bitcoin price action and new targets Click Here
Based on the latest increase in futures positioning for commercial traders for Bitcoin, the downtrend looks set to continued for much longer.
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Disclaimer: This post is for educational purposes only, and all the information contained within this post is not to be considered as advice or a recommendation of any kind. If you require advice or assistance please seek a licensed professional who can provide these services.