BTC Update

in #cryptocurrency6 years ago

The price of Bitcoin is $6410, with 24 hour trading volume hovering around 3.9 billion USD. Bitcoin has dropped over 6% in the past 48 hours, and this has had a cascading effect on the digital currencies market as almost 20 billion dollars in total market cap was taken off the board since the last 2 days.

The decrease in volume seems to have been caused by a sell-off rather than trading volume growing as a positive indicator for the market. It does seem that this sell-off was initiated due to any news or developing FUD. Rather, the sell off was caused by uncertainty due to the inability for $BTC to break heavy resistance at the $6800-6850 level .

As of now $6200-6300 seems to be a potential position to go long. Price action hasn’t entered into this buy zone yet, and it would be prudent to wait to see some consolidation in that area before entering.
Right now the best bet is to remain currently flat on positions and wait for a break of 6k to short the market or consolidation in the buy zones before entering.

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