Hey guys,
So what headlines have you read today, trying to explain why Bitcoin and therefore the overall cryptocurrency market has sold off?
Some two bob exchange in Korea that nobody gives a fuck about getting hacked? How about the CFTC actually doing their job and trying to stop price manipulation on Bitcoin futures?
These headlines don’t mean jack shit to price and you’re kidding yourself if you continue to listen to the financial news cycle which is driven by sensationalising headlines.
The drop was caused by the following daily trend line break:
BTC/USD Daily
We can’t use the excuse that we’re in a higher time frame bull market anymore, because that above chart shows you that were clearly not.
That previous swing low support zone is all that’s standing in the way of Bitcoin and sub 5k prices. Yuck.
At least it’s looking like price wants to obey the level. Take a look at the intraday price action:
BTC/USD Hourly
You know the setups that I look for now. See you on Twitter!
✌🏻.
| Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
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