Trading Crypto: Overnight Risk Outweighs Reward

Big day for the crypto market in general.

 

Bitcoin hit the 8,400 mark only to bounce back close to 9,400.

 

Unfortunately, this fairy tale is far from over.

 

The rebound was short lived. BTC is currently below the 9,000, which just made 9,000 the new ceiling for the evening. Bad if you’re still holding; but there is more bad news.

 

Currently, momentum is shifting further downward with volatility picking up into the evening. An 8,400 test is possible, so watch is in effect. If a break upward is to occur, we want to see 9,000 hold.

 

Again, in regards to the downside, if BTC breaks 8,400, looks like the 7,000 level could be reached. Rough road ahead. Risk level is HIGH.

 

BTC is currently in WAIT/WATCH and look for support to be build.