BlockChain/Crypto

[kiy]

BEARISH drop BitCoin below $7,000 after Korean exchange Coinrail hack.

There are some technical arguments of where BitCoin price may go...I don't agree... click on the link to see if you agree...
https://www.coindesk.com/6k-next-bitcoin-bear-market-resumes-after-10-drop/
The bitcoin market has come alive in the last 36 hours, with the bears gaining the upper hand and now aiming for fresh 2018 lows below $6,000.

The cryptocurrency dropped nearly 10 percent on Sunday, hitting a two-month low of $6,619 on Bitfinex, having spent the last two weeks trading in the narrow range of $7,000–$7,800.

Across the media, the price drop has been put down to a hack on South Korean exchange Coinrail, revealed Sunday, and renewed concerns regarding security at cryptocurrency exchanges.

However, a big move was expected anyway – as an extended period of consolidation or low volatility is often followed by a sharp move on either side – and prices started falling Saturday, so the theft of ERC-20 tokens at a minor exchange seems an unlikely cause.

Either way, the technical studies now spell trouble for bitcoin. The convincing move below $7,000 marks a downside break of the four-month-long narrowing price range and has opened the doors for a drop below $6,000 (Feb. 6 low).