BTC WEEKLY CHART "The Panic Zone" The Last Gasp
It's been a while since my last observation. The price movement has bounced around in The Panic Zone for over 3 months and can't get out. This little spew downward is a strong indicator of buyers giving up, throwing in the towel. I don't know if you caught it but there was a little article in Consumer Reports about Bitcoin. They conveniently left out the truth which is that the value has risen from $10 to the mid 200s over the last 2 years. They reported that the value has dropped a phenomenal percentage in the last 1 year and for this reason it is not a good store of investment value. Anyway, the point is the article reflects the general public's opinion that BTC is a dark world currency and not ready for prime time. The price action reflects this mood. I personally don't believe this to be the case. I'm bullish on Bitcoin for the very long term. As I have said before, smart money is waiting for a pull back to complete. The lions are still waiting in the weeds for the moment to pounce. Lions are patient. Where is the bottom of this drop? Probably around the neighborhood of the previous drop between $165 and $135 the official bottom of The Panic Zone. Anything lower than that is bargain basement shopping unless, of course, someone breaks the Hash chain. Trading is currently in the upper half of the regression channel. The bottom of the channel is right at the buying price target.
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