Smoak
Short

Bitcoin's Breaking Point

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The chart is cluttered but hopefully makes sense. As you can see we have a solid support at the 7,200 area coupled with the "parabolic" trend line that has been in place since July of 2017. I would imagine that, for the short term, the two of these will hold. If we drop below that level I think it is safe to say that the bubble is popping.

In other words, if bitcoin does a double bottom at $6,000 I think it is safe to say bitcoin will be going far lower than most can accept and altcoins will be wrecked.

Note: The longer term health of the market is very mixed but I am most definitely bearish and think bitcoin will go sub $1,000. What isn't clear is whether we will head to the 15-17k level before we begin the real crash. The current drop should lend some clarity.
Mar 14
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out