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