Bitcoin (BTC) Has Made a 50% Correction

While last week saw continued volatility in US equity markets, the cryptocurrencies have staged somewhat of an unlikely rally.

After the big sell-off, Bitcoin (BTC) hit 9000. Which was up 50% from the lows at 6000 not that many days earlier.

However, have been greeted with the news that Italian crypto exchange BitGrail has been hacked, adding to more woes.

On Monday, prices are now trending back down and we have to ask the question, what’s next?

Technical Outlook

Despite the rally, it’s clear that the longer-term trend is down at the moment. 9000 probably marks the opt of the upper trendline.

Given the fact that Bitcoin (BTC) couldn’t breakout to the upside would suggest that we might have some more selling to come this week.

We also have resistance at 9500 and 10,000 which is sure to slow us down so far. So while there is an upward move, I suspect that we have a bit of work to do to buck the current trend.