Crypto’s Last Stand

By -

I did a post recently in which I stated regarding Bitcoin: ” I suppose it will find stability (if we may use such a lofty term) at about $9500.” Well, we’ve since tumbled to that level, and things are looking pretty shaky.

Take a look at the chart below. The magenta shows the 61.6% Fibonacci level (and also the time when all the HODLer freaks were jumping up and down about how $BTC was heading to a million bucks). It has gotten carpet-bombed since then (green support) and, if we fail this level, we’re on our way to about $7100 (yellow tint).

The hundreds and hundreds of cryptos that exist outside of Bitcoin get dragged along for the ride, of course, and we can see Ethereum below has lost half of its value (!) since only June 26th. This is at a crucial support point. Break those trendlines, and the entire space is going to get Altuchered.