Over the last few weeks there has been more than enough bad news (Korea, Bitfinex, Tether, India, etc.) to point the finger at why we’ve seen such a big sell-off. From a technical trading standpoint, you can also point to the charts. In a little over a month, from November 11th to December 17th, Bitcoin was up 260%…this is a big move. As of today, we’ve retraced (or given back) nearly 75% of that move just described. Jared Anderson is currently looking at the next support level coming in at around 8588 and some change. With the SEC and CFTC chiefs set to meet with the Senate next week (on February 6th), and doesn’t expect to see much of any bullish activity until the uncertainty of that hearing has passed.
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