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
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