Market Health Update Bitcoin ($BTC)

Market Health Update Bitcoin ($BTC)

Bitcoin / Dollar BITFINEX:BTCUSD


Taking a look at Bitcoin ($BTC) we see many key support levels broken that were guiding us towards a possible breakout. At this point, the sell pressure behind bitcoin is far too high in comparison to buyers. We see Bitcoin ($BTC) has broken both it’s price/rsi ascending support level indicating a failed breakout and possible downside in the future. I’d be very keen to see if we can re test the $3,000 level and see if we can rebuild momentum from there but until the sellers ween off, it’s going to be a bear market with all of the dominating pressure from the downside. The opportunity is in catching the shorts when momentum is building, we will update with signals if we have any clear indicators for a trade. Any breakout to the upside must be approached with caution as we know the seller pressure is far greater than the buyers in the market right now. We are seeing opportunities in some altcoins to gain BTC/Satoshi’s in your portfolio, so we will be posting those as they are developing.