Bitcoin in retreat again after rally sellers prevail

Another soggy day for Bitcoin after yesterday’s impressive rally 4 April

Yesterday I highlighted sell interest/resistance at $7500 and so it’s proved. Not too shabby for a simple support/resistance analysis. No rocket science or multi-coloured lines on graph paper needed for that!

Currently $7105 on Bitstamp after $7057 lows. Next line in the sand is $7000 and more behind that into $6800.

Many years trading FX, 20 of those as an interbank market maker, has taught me to keep things simple and it seems Bitcoin at the moment is another good example.

What do our cryptocurrency traders make of it all currently?

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