Bitcoin Forecast July 11, 2018

Bitcoin fell significantly during trading again on Tuesday, as the $6800 level has offered significant resistance. I think that losing over 4% again shows just how fragile this market is, and I believe that we are starting to see more institutional money come in and punish bitcoin traders. Volume in the futures market has risen, so that shows that larger funds may be getting involved. Ultimately, I believe that the market goes looking for the $6000 level underneath, which of course is a major round number, and will attract a lot of attention. We can make a fresh, new low, then I think that the market will go down to the $5500 level. If we turned around to break above the $6800 level, then we could go to the $7200 level, but right now it appears that the sellers are going to continue to be running this market.

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