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.
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.
Wowsers