The news of the Polish Cryptocurrency exchange Bitmarket has close its operations due to liquidity problems has created a sharp bearish spike in all crypto pairs. Bitcoin went down from $12,700 to $12,100 in 15 minutes.
Currently is pulling back a bit, but we need to observe is this would indicate another assault of the bears on the main cryptocurrency pairs. What is for sure is the bullishness of the day may have been faded for good.
We must watch the $12,000 support for evidence of a short-term bearish leg. All indicators point to a corrective phase, which can be to the downside or just a consolidation. In view of the long-term bullishness, better wait in the sidelines to see this, and wait for evidence of a continuation to the upside.