Rainbow Failure

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Crypto went crapto over the past twenty-four hours, and as I suggested to my premium members in a post last night, the rainbow was at risk. Well, now it’s out-and-out broken. Interestingly, it found support at precisely the 50-day exponential moving average (red line), although I strongly suspect this support will not survive the week.

Bitcoin is still cheerfully within its own rainbow arc, and it, too, tagged its 50-day EMA before finding some strength. It has, over a 5-day span, dropped about $10,000, but at the moment it is managed to keep its head above the psychologically-important $60,000 level.