The Bitcoin Capitulation Continues - Forex News by FX Leaders
Bitcoin is Crashing

The Bitcoin Capitulation Continues

Posted Friday, December 7, 2018 by
Rowan Crosby • 1 min read

It appears there is no respite for Bitcoin and the other cryptocurrencies, with the rally being short-lived and a fresh attack on the lows now holding.

This morning we’ve seen the lows at $3,500 get taken out and the buyers so far have not shown any interest in holding prices up.

This move has been on the cards for a few days now after we failed to break out and hold above $4,000.

The SEC once again delayed a decision on crypto ETFs, however, this move to me is just a continuation of what we’ve been seeing. The party is over for the time being and I suspect that there will be more selling ahead.

 

Bitcoin Technicals

As it stands, support at $3,000 will come into play. I can’t see a bounce prior to that point.

If we do retrace and try to test $3,500, I feel that if we see selling this would be a time to be looking to short.

I’m quite bearish at the moment, so let’s see how far this one can go over the next 24 hours.

BTC
Bitcoin – 240min.
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About the author

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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