Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Colin First
Bitcoin Wednesday
Bitcoin Wednesday

The BTC prices have crashed lower over the last 24 hours as the support region has given away and this has only served to accelerate the selling. We had been saying over the last few forecasts that the region around $6800 would be the key in the battle between the bulls and the bears and that as long as the prices are above this region, we are likely to see the bulls in control and if the prices push below this region, then the bears would be in control. Over the last 24 hours, we have witnessed some large selling in the BTC market which has since pushed the prices lower through the $6800 support region and hence the prices now trade in the $6500 region as of this writing.

Suggested Articles

Know where Bitcoin is headed? Take advantage now with 

75% of retail CFD investors lose money

BTC Prices Below Support

We will have to wait and see how the European and the US markets are going to respond to see once they are up and running later in the day and if the prices continue to be lesser than the $6800 region even after the end of the day, that’s when the bulls are going to get worried as they are likely to then have a big battle in their hands over the short and medium term. They seemed to be in control of the market till about a day back but this fall has been quite unexpected for them. It is going to take a lot of work from them to bring back the confidence in the market for the other traders else they risk getting further losses.

The ETH market has been comparatively stable when compared to the BTC markets but like the rest of the crypto market, it cannot rise in an isolated manner and hence we are seeing the prices below the support region in this market as well and it is likely to find it very difficult to recover in the short term.



Looking ahead to the rest of the day, it would be interesting to watch the price action for the day and a close below the $6800 region would confirm that the bears are back in control of the markets.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.