ColmoreFX

BITCOIN UNDER PRESSURE

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We've recently had some Bitcoin short trades proving to be very successful with our overall targets of $6000.00 being met recently.

But what now?

Price has entered a key support zone between the $6000-$5420. We don't want to sell here because it has been proven to be held before by the buyers. However we believe this is the key area to whether we see further downside or some buyers stepping back into the market. If price breaks the resistance trendline and current daily highs at $6350.00 we should see buyers step back and we could see significant upside. Until that happens we must remain bearish on the cryptocurrency until it gives us reason to go long.
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