Bitcoin (BTC) Technical Analysis – Under Pressure And Seeking Some Relief

There’s no doubt that the past 36 hours have provided for a tumultuous period across the board within the cryptocurrency sphere as the entire space has been littered a shade of crimson with numerous names violating short-term support levels and wreaking havoc in the process from a technical standpoint.

While we suspected that something was not right these past several days based on the action as well as the numerous names that we have recently profiled in these Technical reports displaying both vulnerable as well as slippery technical characteristics, the market has rendered its verdict via a harsh downdraft throughout the entire landscape leaving none unscathed.

With that said, a tremendous amount of technical damage has been inflicted and it will take time to repair the damage done. Let’s take a look at the Chart of Bitcoin (BTC) to see what may be in store moving forward.

As we can observe above, Bitcoin (BTC) has officially failed with its second attempt out of an…