The Bitcoin Capitulation Continues
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.
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