Hey everyone, here's our daily BTC update and this one is not looking so good.
Bitcoin volume is VERY low right now, we havn't broken any highs and we are still descending surely but surely. The big volume days are tuesday wednesday and thursday, the last 2 being the biggest. In other word, movement in any direction should occur in the next 3days (including today). Looking at the graph that movement can logically only be down. We've got a weak support level at the 6600 area that could technically be broken if the big boys decide to short BTC. Which leads us to the 5k area, because there is nothing inbetween that could stop the momentum on the way down.
To anyone shorting right now I suggest you take your profit at around 6900 and only reopen your shorts if we break past 6300. To anyone Long on BTC right now well.. The odds are heavily against you.
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There is a massive support between 6500-5500 so I would not short there. My suggestion is that never short BTC under and around 7K to be safe, because under 7K demand is always higher than supply.