Bitcoin looking heavy. Will The Support Hold? (Daily chart)
The combination of Japanese crypto exchanges having to implement tougher regulations combined with the fact that the yen is commanding up to 60% of the digital currency’s daily volume, Bitcoin is having a rough time, selling off more than 700$ on Friday alone.
The last bounce from the key support was very weak and price is now looking very heavy at the bottom of this zone, which makes me believe there’s a good chance that this zone is likely to fold, opening up for further selling towards 5400 & 5000.
If the next support zone would fail to hold as well further selling all the way down to 3000 isn’t unlikely.
If on the other hand buyers are able to defend the current zone in the last minute, a move up towards 9 250-10 000 can be expected IMO.
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Author
Chris Capre
2ndskiesforex
Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.
