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Hello and welcome to News BTC’s Market Outlook December.
Over the last 24 hours, Bitcoin has been absolutely pummeled after the well-documented break above $10,000. In fact, the daily candle from the session would have been a shooting star. This of course is a very negative sign, but currently it looks as if the $9400 level is offering support. If it gives way to selling pressure, expect to run down to the $9000 level next. Alternately, we don’t technically continue the uptrend until we break above $10,600.
Bitcoin initially trying to get back most of the losses after the brutal selloff against the Japanese yen, but you can see did not make a higher high, thereby suggesting that we could see further continuation to the downside. At this point, I anticipate that the ¥1 million level continues to be the “floor”, but if we were to break down below that level it would indeed be a very negative sign, leading to much more selling pressure. As far as buying is concerned, I don’t see a signal to do so yet.
Thanks for watching, I’ll be back tomorrow.