Bitcoin breaks support

Bitcoin fell as low as $9486 in a quick rout in the past hour.

It’s taken out the July low in the fall, ending the minor bull flag that was forming. $9088 is the late-May high and that and the $9000 figure will now act as support.

The Senate hearing on Libra and yesterday’s aggressive warning from Mnuchin haven’t helped sentiment. The hearing ended today without any real fireworks but it’s clear that crypto doesn’t have too many allies in Congress.

I think the technicals are the real story at the moment and a close below the July low would be a poor development.

 Trader Aleksandar Kumanov

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