It's been an ugly couple of weeks for Bitcoin and in less than a month price has plummeted from $6k all the way down to the low $3k's. Hopefully everyone saw my market update from back in October and were prepared for this scenario. After a 50% drop, what's next? Bitcoin Monthly The Bitcoin monthly chart does not look good to be honest. The last candle absolutely nuked through one of the biggest monthly support levels, though it's worth noting there wasn't a ton of confluence
The steel wall that was the support at $6000 USD has fallen and unless price quickly recovers the notorious ascending triangle will have decisively broken to the downside. I discussed both the upside and downside scenarios here previously but let's take a closer look at today's move and what can be expected going forward. Bitcoin's price has been contained to this singular range defined by a weekly breaker since June 2018 and only briefly broke to the upside at the end of Jul
Market Overview 03/10/2018 Bitcoin, and the majority of the crypto market, has been in a downtrend since early January and the bear market has certainly taken it's toll on those in the crypto space, as well as their portfolios. The past four months Bitcoin has been moving in a relatively narrow range, never dropping below $5750 or above $8500; removing July the upper limit becomes $7800 and the range continues to tighten in recent months. There's also the descending triangle
2018 So Far What a roller coaster 2018 has been so far. Early on we hit an all-time high market cap of more than $830B and have seen it plummet as low as $331B. Amidst a storm of negative news, Bitcoin bottomed out at a price just under $6k and before seemingly rally as it approached $12k only to tumble back down below $9k. There's a lot of uncertainty in the market right now and that's one of the reasons I decided to post a quick update. However, there's also been a number o