Bitcoin is in a confirmed downtrend on the daily chart and is down over 30% from the highs of November. The cryptocurrency did advance marginally above its downtrend line, but that advance was on very weak volume. Once price hit its first major area of resistance, it rolled over on higher than average volume.
The bottom line is that the entire crypto space looks weak. Major areas of support to monitor for a bounce or consolidation in Bitcoin would be at the $40,000 area and if that fails, $30,000.
In our Crypto Market Update Video we analyze the following:
- What are the opportunities that we are watching for?
- Where are areas of support that we would expect Bitcoin to bounce?
- Crypto market breadth
- Ethereum marginally breaks long-term trendline. Correction could get ugly.
Click here to view our Crypto Market Update Video: Failed Breakout | Asset Solutions