While the talk in the market has been about equities, cryptocurrencies aren't really having a good start to the week either
Source: CoinMarketCap
And that has seen Bitcoin now trade under $8,000 once again. It's trading near the lows of the day, and more critically it's trading below the 200-day MA on the daily chart:
Prices have bounced off the 200-day MA as buyers found support there but if we get a daily close below it, the bearish sentiment at this point could have more legs to go towards the downside.
Looking at the hourly chart and it's not a pretty picture as well, buyers have been struggling to break above the 100 and 200-hour MAs for the majority of the month and yesterday's test was no different once again.
Stay below it, and it's still bearish in the near-term and it does certainly look that way still. The news that banks are rejecting credit card transactions on cryptocurrencies definitely doesn't help either, but then again, when was the last time we heard any good news on cryptocurrencies?
