We can see that the market is clearly hitting against the ceiling at around 11600 – 12000.
With the Bulls staying shy of the market we can see that the demand is dwindling and the might switch over to Bear mode soon.
On the short term I would advise caution to those speculating on the Bitcoin markets. We will see the expiring today and get a clear idea what the street is up to.
Short term support for BTCUSD is at 9k – 10k.
Medium/Long Term support could be as low as 7k or even lower.
It is a good practice for traders to take a look at the 1day and 1week candles to asses complete situation the market finds itself in.
Even though I believe this is still a very healthy correction for the market, many speculators/investors will reassess their commitments when/if $9k should break.
Feel free to discuss this trade idea with us.