Earlier this month, I did a post defining what I considered important support levels for BitCoin. In part, i said:
$14,000 (green tint) – a break here would end the series of “higher lows” in place
$13,000 (magenta tint) – a failure here would snap the lowest levels of the year so far (and the Big Round Number thing always affects traders’ nerves)
$10,600 (yellow tint) – this, I think, would send prices swiftly back into the quadruple-digits, since obviously the “besting” of the big price plunge we saw in December would renew the terror that there’s really nothing holding the beast up.
As you can see, we blasted through those first two levels. It has found support at the crucial lowest level (propped up, I suspect, by masses who know all too well what’s going to happen if it fails).
As for equities, after a lousy, lousy start, I turned out having quite a good day. At least we got a break from this ceaseless melt-up! Good God, ya’ll.