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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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* If the dots don't connect, gather more dots until they do...or, just follow the $$$...





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Wednesday, January 17, 2018

BITCOIN'S Dramatic Fall From Grace

* See UPDATES below...

I first started writing about BITCOIN in September of 2017 (all of my articles on this crypto curency can be found at this link).

It has fallen to its 50% Fibonacci retracement level [measured from its all-time low of 4.2 (in February 2012) to its all-time high of 19,891.0 (in December 2017)], as shown on the following Monthly chart.

And, as I reported (in the snippet below) on December 24, 10,000 represents a major support level, formed by a downward-sloping neckline of a bearish Head & Shoulders pattern. It spiked below 10,000 on Tuesday to a low of 9,949.4 before bouncing a bit to its current price of 10,967.

If BITCOIN breaks below 10,000 (again) and holds (as well as the 50% Fib level of 9,947.6), we could see a dramatic and swift plunge in price. A measured move of such a break would send it back to its all-time low.

This crypto currency is no stranger to volatility, so anything is possible...so,buckle up!

And, this report (January 16) from Reuters...

Source: Reuters.com

* UPDATE January 17 @ 1:42 pm ET...

Price is still shaky and volatile on BITCOIN, as it dropped below 10,000, once again, as shown on the daily chart below.

* UPDATE January 30...

Amid this flurry of news released today, price on BITCOIN dropped below 10,000, yet again, as shown on the following daily chart.

Price and momentum remain in downtrend since the peak in mid-December last year.

We'll see how long 10,000 can hold in the face of rising investigations, ad bans, crypto thefts/hacks, etc.