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BTC/USD: Overhead Pressure
Bitcoin initially tried to rally during the trading session on Thursday but has given back all of those gains near the 50 day EMA and just plummeted. At this point, it'll be interesting to see how we behave, but it certainly looks like we still have a lot of overhead pressure. That doesn't necessarily mean that the market is going to perhaps fall out of bed here, but I do think that we are going to continue to struggle to break out. If you have been paying attention to my analysis over the last couple of days, I said the key to continuing a move higher was to recapture the $67,000 level, and we have certainly failed. ... (full story)