Bitcoin breaks 7K to the downside on heavy selling volume

The year has not started well for the Bitcoin bulls as BTC/USD breaks 7K.
The market has put through some serious volume after some very thin holiday trade.

Rajan Dhall, MSTA FX Daily

There have been very low volumes during the Christmas period and now the market has woken up it seems selling is the favoured position.

The price is firmly under bother 55 and 200 daily EMA's and the previous wave low has been taken out so the trend is making lower highs and lower lows once again.

The last time price was this low 6,933 was a previous resistance so it could act as support this time out.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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