Main support Broken

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
581 3
Unfortunately Bitcoin broke its support at 10,000 and 9,000 and for a little while it hit the 7,000 levels. Once the support is broken it means the supply overwhelms the demand and the price drops. At this time the mood is capitulation. The investors are giving up and we can expect more of the same in the following days. Remember Bitcoin is not an investable asset, it is currency, the natural greed in the market and the hope to become bitcoin millionaires turned it into a speculative asset. Bitcoin and Blockchain are revolutionary technologies, that will change the way we do commercial transactions, pretty much the way Phoenicians changed the swap with coins. We're in early stages and the saying "The early birds get the worm but the second mouse gets the cheese" applies. Let it settle, find a realistic support, consolidate and behave the way it was meant to be, digital currency. In the long run the crypto currency market will create a forex like market, but the greed distorted its behavior with wild volatility swings where some made fortunes and others were roasted. Remember the rules of investment, Invest on assets you know, don't risk your fortune on markets you don't know well, unless you are willing to put dumb money you won't miss if your return is negative.
So far, the indicators say BEARISH , no sign of reversal yet.
i beat you were a litte off but for a week ahead guess before the "crash" you would have been spot on with a good level of entry around 7k. nice charts i found u through using your ribbon thanks, are there ever explainations on how to use some of these plug ins that have been provided in the library.. like on your ribbons what does it mean the more spread out the lines are from each other????
Madrid irishgodking
@irishgodking, Basically it has to do with price expansion. In the case of the Ribbons the tighter the lines the more compressed the price range in a long period of time. When lines are spaced this means the stock is trending. I will update some of the indicators that were published with pinescript v.1 I'll add more usage notes when I'll publish new versions for v.3.
This is great stuff man...surprised you dont have more likes.
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