Bitcoin Going Lower

21 set 2017Bitcoin continues to trade lower after regulators in China cracked down on cryptocurrency trading in the country, along with negative comments made by JP Morgan's CEO Jamie Dimon. This morning, along with the indicators we demonstrate here, we've observed signs of heavy (most likely institutional based on the dollar amount) selling of Bitcoin on one of its largest exchanges. We don't recommend any individual investors SHORT or trade on margin any of the cryptocurrencies due to the extreme volatility, but we are bearish at this point based on the negative price action, negative volume flow, and negative news flow.