Bitcoin Approching Huge Level

Bitcoin continues the sharp move lower post the news Goldman Sachs is postponing the cryptocurrency trading desk. What this virtual currency is worth nobody knows, but people love trading the mania and news like these will continue to hit the markets, leading to magnified moves.

We see trading in Cryptos as a great play on market psychology.

Bitcoin is down to new recent lows. The short term negative trend since February is still in place. Note the last sell off occuring right as the Bitcoin touched the 100 day average (green).

6k is the huge support level. Watch it closely as things can get rather fluid should Bitcoin close below that level.  

Source: Bloomberg