Bitcoin has dipped a bit during the trading session on Tuesday, but at this point it looks like there is a large descending triangle trying to form, putting bearish pressure on Bitcoin. Because of this, we are either going to consolidate back towards the $16,000 level, or we will need to pay attention to the $12,000 level. If it gets broken to the downside, the market could go looking for as low as $8000. A break above the $14,000 level should send this market looking for that $16,000 handle.
Bitcoin of course did very similar things against the Japanese yen with ¥1.5 billion on the lower end of the descending triangle offering massive support, and a break above the ¥1.7 million offering an opportunity for the market to return to the ¥1.9 million level above.
Thinks for watching, I’ll be back tomorrow.