Bitcoin weekly wrap up, price under pressure below supporting trendline.
Bitcoin market update:
Its Friday going into the weekend, we've barely moved all week until today. Bitcoin price is under a lot of pressure right now. Last week, i've posted an ascending support line on bitcoin price
We are about to close for the day and we are closing a solid red bar below it. That is uber bearish. I am going to expect price to fall below 400 again in the near term next week. Liquidity is still a little light so a bounce might be due, but I wouldn't count on it. I have been short for a little while since beginning of last week and I still plan on holding it. I expect the volatility to pick up after coming out of this consolidation phase. My first target is around 370, 360 area, the previous area of strong support. Then we will have to see how the bull's pick up from there. How the dip buyers react at that level will give us clues to the strength of bulls. In addition, I have been trading about 10% of my account in the altcoin with 1bil cap on /r/ethtrader if anyone is interested.