We were set for a beautiful day in Cryptolend, as Bitcoin was up over 5% earlier today, until the Bears decided to ruin the party. 30 minutes before the market close ( If we can name it a "close", after all cryptos never stop trading) we are seeing a bearish action on the tape and volume also picks up. We are very far from the 14 356$ high for the day and in my opinion bulls are getting tired from defending the 13 000$ support level.
In my opinion a lot of the uncertainty and selling pressure is due to political reasons. The South Korea FUD, China further strenghtens crypto ban, France and other countries are reviewing ways to implement regulations. All this is bad for the Crypto-Economy and unfortunately we have to be prepared for more of the same. If you missed my article on the World Economic Forum Meeting ( A meeting, where a lot can be decided) you can check it out HERE.
Overall we are in a consolidation, after the crazy bull-run we saw earlier this month, a bit of consolidation is very nice. Although Bitcoin is looking very weak lately, it wouldn't be unlikely to see it moon in a matter of days, so don't put your guard down.
My indicators are very uncertain at this moment and a bearish scenario is more likey for me. I think if you are a trader, you should be careful, if you are a HODLER - you have made good gains already, no need to panic. We are seeing a lot of profit taking at the moment and unless Bitcoin breaks the 13 000 and 12 000 $ support, things aren't going to get ugly.
Look for the key support levels and decide for yourself, bears are ready to attack !
