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Bitcoin lower highs indicate further downside

Bitcoin lower highs indicate further downside
Steve O'HareSteve O'HareSignal Centre

Cryptocurrencies held steady in early Europe on Monday, but there was selling pressure during the day.

Bitcoin posted net losses despite solid risk conditions and gains in equity markets. Overall, bitcoin declined to lows below $33,000 after the European close. Rally attempts struggled to sustain momentum despite solid risk conditions and bitcoin traded below $33,000 on Tuesday.

Ether also declined sharply with a retreat to near $2,000 and dipped to test support below this level in early Europe.

Author

Steve O'Hare

Steve O'Hare

Signal Centre

Steve has over 30 years of trading experience in Commodity, Equity and Fixed Income markets, in both research and trading.

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