Defending Seven Thousand

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The liftoff from the inverted head and shoulders of Bitcoin has clearly exhausted itself, and the entire up-move is now gone. At this point, $7000 is the line in the hand. Cross below it, and you can look for more stumbling and fumbling toward a sub-$6000 breakdown. Hold that line, and there’s a real chance at a more meaningful rally.

As I’m typing this, it’s quite clear the importance of $7000 is known to those with a vested interest in propping this thing up. This is a pretty important level for $BTC, which, having lost only two-thirds of its value, is a blue chip investment compared to the other cryptos that are have gone virtually worthless.

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