Bitcoin Near Support, Bitcoin Cash Crash: Where to from Here?

Technically speaking, the chart of Bitcoin looks god awful. Each bounce has been feeble compared to the prior decline.

The above chart is from yesterday but it hasn't changed much.

Bitcoin is $3797 as I type. It bounced from around this level a couple days ago to $4125 and here we are again. The first level of support is just a bit lower.

Weekly Chart Support Levels

  • $3505
  • $2053
  • $991
  • $778
  • $551
  • $370
  • $216

Those are simply areas from which Bitcoin bounced previously from pullbacks. It's not a prediction that it will necessarily do so again.

As bad as that chart looks, consider Bitcoin Cash. It forked off Bitcoin and still maintains it is the "true bitcoin".

Bitcoin Cash Crash

Chart from Coin Market Cap.

Bitcoin Cash Recent Crash

Don't stick a fork in em yet. Cryptos are likely not done falling.

Mike "Mish" Shedlock

Comments (19)
No. 1-10
shamrock
shamrock

It's been over a year since anyone has made money on Bitcoin. That's long enough for the get rich quick crowd to bail. Under $1,000 this year possible.

Bam_Man
Bam_Man

This is puzzling. It looked like everyone was going to get rich by speculating in imaginary electronic ledger entries, and it did not happen.

Carl_R
Carl_R

I wonder what a chart would like like of the market cap of all cryptos combined would look like? Is the overall crypto market still growing, but being divided across more and more currencies? Or, is the overall bubble popped, and deflating as a whole?

Tinfoilhat
Tinfoilhat

If you're a believer in all gaps get filled doesn't look good. I've seen lots of charts tag gaps that are years old and eventually filling them all. Many should've stayed there but overcame the Fed now there's gaps galore and gigantic air pockets everywhere.

Mike Mish Shedlock
Mike Mish Shedlock

Editor

Shorting bitcoin is via futures - huge leverage

stillCJ
stillCJ

Editor

I am still waiting for someone to explain to me how to trade a bitcoin or any other crypto-crap when the internet is down.

jivefive99
jivefive99

I still have yet to figure out why it "trades" at all, or why the value of one bitcoin changes at all. We're looking for a fixed currency (non-fiat non-print-at-will) aren't we? There is only going to be 21.4 million bitcoins, right? Thats a fixed value. Why does the value of one bitcoin change at all?

Sechel
Sechel

technical support perhaps, but still zero intrinsic value to hold it up

KidHorn
KidHorn

I don't understand bitcoin. Like I didn't understand how Time Warner/AOL was going to synergistically become an unstoppable behemoth. Like I didn't understand how a company selling 50 lb bags of dog food on line with free shipping was worth more than a decades worth of revenue from all pet food sold worldwide. I must be very dumb.

Casual_Observer
Casual_Observer

Still beyond me how this was even a legal currency or exchange. The exchanges where these are traded are where terrorists, child and sex traffickers hang out. Similar file exchanges were shutdown years ago because of this.