Bitcoin 8H USD
So, the price has clearly dumped pretty heavily over the last few days and has broken well through that $8,800 support that existed prior. Next support point that I have here is at $8,511 — I actually didn’t even bother plotting support lines below that point because I didn’t expect that we were going to meet it this quickly, but Bitcoin never fails to surprise, does it?
The worst part for bulls here is that the volume hasn’t even spiked that hard on the last two candles. A lot of people have put forth theories about Mt. Gox or whatnot. However, this seems to simply be the market panicking/selling everything they can.
Folks sort of ignored it because the price was $10k at that point and I mentioned that EMA 200/EMA 50 golden and death crosses take a good 2–3 weeks before the price action really kicks in all the way.
Not to mention that the price has fallen well below the EMA-200 and EMA-50.
Ichimoku emitting every single sell signal in mankind. The conversion (base) line is now below the base (red) line. That’s sell signal #1. The conversion (blue) line is also above the price. That’s sell signal #2. The price crashed through the cloud (lead A) entirely. That’s sell signal #3.
The price may bounce back upward to some extent because it’s really oversold. Badly. However, this looks like it’s FAR from done. I’m going to go out and stick by my $6k double-back down prediction from a few weeks ago.
So, strap your seatbelts on kids. Told people to short this shit several days ago and folks didn’t want to listen, so if you want to be a permabull, get yourself murdered.
Update: Price has capitulated downward further to $8.3k since this was written. I can’t even curate price updates fast enough to keep up w $BTC at this point.