The cryptocurrency market continues to suffer losses on Friday, with Bitcoin is down almost 4% on the day. The coin failed to keep above the key $9,000 threshold and slipped to April 26 lows at $8,676. Should this level give up, we may see a decline towards $8,400 and then to the $8,000 area. Apart from the technical signals, which are getting more bearish after a break below $9,000 and the 100-DMA, there are some other drivers behind the continued correction from highs close to the $10,000 barrier. Some negative pressure came from Nvidia, as the tech firm predicted a big drop-off in cryptocurrency mining demand in the second quarter of 2018. Another source of the increased selling pressure was the news that Mt. Gox trustees have moved another $80 million of digital currency into cold storage. While the current retreat in the BTCUSD pair is rather painful for short-term traders who may continue to take profit in the nearest future, long-term holders of the digital currency still have nothing to worry about, as the price will likely rise again and challenge the December highs around $20,000 in a wider horizon.
That was pure manipulation and took out a lot of long/shorts from that 9k range did you see the Resistance/Support last night
it was like tug of war people need to realize that the whales are definitely in control and took their profit they will likely
ladder buy back in :) the volume is very low we will have to wait and see what the weekend brings hope fully the whales
and bulls have something in mind..I also believe a few sets of algorithms set in at 9k and below and sold automatically.
Definitely not a healthy retracent but hey ho that is the market for you we fell out of a main 4hr trending channel
which was there since beginning of april..As soon as that happened it was well down to 9k and loads of fighting but
once we got to the 9k mark exactly we diped a little below and automatically people had there stops set there to
sell and so did traders and algorithms i don't believe this is going to be a long term pullback retracement i see another
go for 9k by the weekend.
it was like tug of war people need to realize that the whales are definitely in control and took their profit they will likely
ladder buy back in :) the volume is very low we will have to wait and see what the weekend brings hope fully the whales
and bulls have something in mind..I also believe a few sets of algorithms set in at 9k and below and sold automatically.
Definitely not a healthy retracent but hey ho that is the market for you we fell out of a main 4hr trending channel
which was there since beginning of april..As soon as that happened it was well down to 9k and loads of fighting but
once we got to the 9k mark exactly we diped a little below and automatically people had there stops set there to
sell and so did traders and algorithms i don't believe this is going to be a long term pullback retracement i see another
go for 9k by the weekend.
Followed and thank you for the info.