Bitcoin, and the entire cryptocurrency sector at large, has frankly become boring. We are seeing most cryptos drifting on light trading volume within relatively narrow ranges. Bitcoin, in particular, has drifted dangerously close to snapping MAJOR support near $9,200 and even though we've seen a tiny bounce overnight I will need to see more buying pressure to have confidence that this support level isn't on the verge of being breached:
Bitcoin (Daily)
Below $9,200 and the trap door leading down to the $6,000 area will be opened. Above $11,000 and bulls can start to feel a lot better about themselves, however, the real upside breakout is still over $12,200.
For now Bitcoin and its crypto brethren are rather boring and it is increasingly difficult to justify being long this sector. I believe this is why we are seeing such vigorous liquidation in stocks such as HIVE.V, KASH.V, and NC.CA. These charts all look like they are in the midst of brutal bear markets.
On the bright side we know very well that cycles occur at light speed in the cryptocurrency sector so one month from now things could potentially look much different.
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