Looking at the bitcoin chart I see price action that has a change in tone from just a couple weeks ago.
Is this now resistance?
Looking at the chart you can see the top trendline drawn at 110,780.
Price had previously hit its head on that level back in May and the broke through it in July while making its first run at the 120s.
Since that time it came back and tested it as a level of support to then rally up to the new all time high.
Then the news from Tres Sec. Bissent that the Gov't wouldn't be actively buying bitcoin came out and we got the beginning of this sell off.
Price broke below 110K area and then Friday's canlde is a clear rejection at that level when trying to breach it.
Technically, price action looks like it wants to push lower and test the 108 to 106 levels. As we know, anything can happen though. Come on buyers!
Posted Using INLEO