BITFINEX:BTCUSD Bitcoin / U.S. Dollar
With the genesis cryptocurrency being the trend setter for all alt coins, bitcoin finally made a higher low today after falling into the $7900 range (post the $5500 fall). Bitcoin making higher lows is a VERY important indicator for the cryptocurrency market. Price action follow fibonacci almost like a guide. Long term retracement can be seen at the 23.6% level to 5500 (almost pin point). Bitcoin is currently on its way above the next retracement level, cutting past $8400. FUD should stop soon and progressive news should be all over the place. Psychology is the backbone of this market.