The price of Bitcoin slumped quite a lot yesterday and we find the market testing the 200 sma line (1hr candle) which is my indicator for the medium term trend.
With over 250k unconfirmed transactions, again, today will be a tough one for Bitcoin as more miners switch over to mine BCH.
We are hitting critical support at this point as 15800 is the level that I am looking at to break that will signal a decent to 12 000.
At first glance it seems that most alts with the exception of BCH is dropping with Bitcoin which could indicate profits being taken in Fiat, but also natural as most crypto gets traded against Bitcoin.
Short term support: 15 000 – 15 800 (if its going to bounce it will be here)
Medium term support: 12 000
My current view on the market is quite bearish, but still bullish long term until 12k breaks.
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