As discussed on the October 18 IML TV Stream, the market is currently signalling further potential for downside movement.
There are many factors influencing this such as investors who are still holding onto reduced profits who got in the market early 2017, traders who are in drawdown from investing at the beginning months of 2018 and also a massive amount of uncertainty right now throughout the entire space on what the next steps are for the industry.
We are trading at a key structure level, below a quarter point of 6750 and have been consolidating right near the critical level of break-even profitability for miners maintaining the integrity of the bitcoin blockchain.
It would be of no surprise to me to see prices move lower towards the 5500 level. Check out the October 18 recording on the TradeHouse cryptochannel for more insight on this chart analysis as we will walk through it together!
There are many factors influencing this such as investors who are still holding onto reduced profits who got in the market early 2017, traders who are in drawdown from investing at the beginning months of 2018 and also a massive amount of uncertainty right now throughout the entire space on what the next steps are for the industry.
We are trading at a key structure level, below a quarter point of 6750 and have been consolidating right near the critical level of break-even profitability for miners maintaining the integrity of the bitcoin blockchain.
It would be of no surprise to me to see prices move lower towards the 5500 level. Check out the October 18 recording on the TradeHouse cryptochannel for more insight on this chart analysis as we will walk through it together!
