BTC USD Short!
BTC has betrayed all supports and any attempts to figure out a pattern based on TA, i don' think that any trader was saying before it would have made such a harsh drop in so little time. Thinking back now though i guess we should have seen. There seems to be more and more correlation with the markets these days, you could just say short them all but the timing of the drops are very close so in my eyes that points to an even higher correlation!
We saw several attempts to try and break the 200 week MA again around 5500 but all have been rejected. This morning all US indices pre markets are trading lower and oil has dropped down to $25. Highly likely that we may see BTC trading below $5000 by the end of the day. I see very little in areas of support right now, some people are looking at $4100 roughly which could be a target but in all honesty BTC is probably one of the least favourable assets for traders right now!
We saw several attempts to try and break the 200 week MA again around 5500 but all have been rejected. This morning all US indices pre markets are trading lower and oil has dropped down to $25. Highly likely that we may see BTC trading below $5000 by the end of the day. I see very little in areas of support right now, some people are looking at $4100 roughly which could be a target but in all honesty BTC is probably one of the least favourable assets for traders right now!
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