*__16/0/2019/20:00CET__*
CRYPTO BLOODBATH! What a washout today, and it may not be over. Lets take a look at the charts.
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## BTCUSD Daily on Bitstamp
<center>![](https://cdn.steemitimages.com/DQmeqNXEKfYsQvzLkSS83bLeEAupTHWZxLq6X1JQb6RNN1e/image.png)</center>
* trading at __9740usd__ at press time
* We have had a hard flush over the last 4 days with a fake breakout after testing the 10k support.
* Many (inc me) thought that the hold on the 10k support was it. We are unlikely to revisit 4 digit bitcoin prices ever again. I was WRONG
* We have had a local low of 9467 on Bitstamp, this is below the previous local low of 9614 by about 150usd.
* This may have potentially opened the trap door to a break further down.
* We are through our 21dema and 50ema indicators. 9750-9600 is a level to watch.
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## BTCUSD Hourly on Bitstamp
<center>![](https://cdn.steemitimages.com/DQmb7A51aGA7rFha4n2pz1NEEXwXxEn2U162Ssu2PbH7iCu/image.png)</center>
* In the hourly you can clearly see how the floor has dropped out from the bids in the lat 2.5 hours
* This is coinciding with the FB and social media senate hearings that are focusing on Libra. Correlation is not Causation though
* In several previous posts I call for a retracement back well into the 4 figure prices [link](https://steemit.com/cryptocurrency/@mastercore/62hfrb-btc-update)

## and from here were do we go?
* I think we have a few resistance levels still below us to test.
* 9700-9600 is the first one
* 8850-8750 is the next
* And then there is 7500
* 21 weekly moving average, a major support indicator in bitcoin bull runs is at 7850 at the moment.
* I will watch closely because if we break 9k, stop losses may be called for.
* Whenever sentiment turns bearish, our collective imagineations always see the dark side of all analysis
* Also we have only very recently been treated to a rally in bitcoin after a brutal winter. We have not yet put our coats and boots away, and so it is not hard for us to imagine a last flash of cold conditions in cryptoland.

Hope for the best, plan for the worst!

<br><br><br>
As always guys, leave comments, have fun and trade safe.
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#### Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative. <br>And finally: Do not invest money you are not comfortable losing.
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