As sneering as I’ve been to cryptos all year, I’ve got to say, they’re starting to show signs of stability. Personally, I still have no use for them, but Bitcoin has exhibited an increasing “hominess” at around the $6500 price level. It has tried several times to break below $6,000, but it has succeeded four times in turning away from that failure point.
Looking back a more data, you can see how important this $6,000 has been. However, we could be forming a very long-term basing pattern at present price levels. I seriously doubt Bitcoin will ever push back its approximately $20,000 peak, but it at least seems that the nasty downtrend has wrapped up (unless $6,000 is ultimately breached) and that we’re presently in a period of stability and base-forming.
By the way, if all goes as planned, we’re going to roll out THREE new drawing tools in SlopeCharts, so keep your eye out for the posts about those this weekend.