Originally published by AxiTrader
(Bitcoin) is looking increasingly fragile after another failure at the major resistance level at $11.700. Support at $10.000 could not hold, and all major cryptocurrencies are under pressure at the moment. The outlook has turned negative.
Volumes on the cryptoexchanges have tumbled since the big sell-off in January. While this can be seen as a sign that the market is maturing, it also shows a notable decrease in demand. For short-term traders, Bitcoin could become more interesting however, as it is no longer a "long-only" trade.
Bitcoin (BitfinexUSD) is currently testing a significant support level at $9330. A clear break beneath this level would pave the way for a deeper correction to at least $8000, if not to the 200 DMA (currently at $7050).
