Bitcoin is Holding Support: More Downside Ahead?
Bitcoin has certainly been having a rough week. We’ve seen prices tumble all the way from above 10,000 to current levels of 8,000.
Rowan Crosby•Friday, March 16, 2018•1 min read
Bitcoin has certainly been having a rough week. We’ve seen prices tumble all the way from above 10,000 to current levels of 8,000.
And the interesting things is that no one has a specific reason. If anything, it’s a combination of a few things.
- Increased regulation – SEC clamping down.
- Google and Facebook advertising bans.
- Investors facing tax bills from the IRS.
- Mining becomes less profitable.
Next Key Level
The key support level remains at 8,000. However, if we break that the next stop will almost certainly be 6000. That represents a pretty big tumble seeing as it was late 2017 when prices were tagging 20,000.
Many are suggesting the party is finally over and the true intrinsic value (zero) is going to the forefront.
Only time will tell, but for me, ever since we saw the advent of futures contracts and the ability to short. We’ve really seen just how thin the buying interest has been at higher levels.
BTC/USD 240 min Chart.
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ABOUT THE AUTHOR
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Rowan Crosby
Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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