Over the past few months we have seen Bitcoin plummet after rejecting the $14,000 level where the majority of people were calling ATHs to be hit by the end of 2019.. This bullish movement has since been forgotten, after price has now retraced below the vital support of $10,000 and is now looking to potentially push lower after we saw retests of this level;
to start the week.
Taking a look on the daily timeframe we can clearly see that price has established a downtrend since rejecting the $14,000 region and current price action isn't yet providing any reversal signs. We saw a strong break of the 10K region over the weekend, price then followed to retest this zone.
We have developed a strong hold below the $10,000 zone after getting a strong bearish engulfing on the 4hr time frame.
The next major support is shown at the $9,500 zone, this is our next target where we could see this sell off find abit of a breather before selling off again and attempting to reach the $8,400 level!
What are your views on Bitcoin and the crypto currency market at the moment?
Leave your thoughts in the comments and Happy trading!