Is Bitcoin Breaking Bad?
Something’s cooking in the crypto meth lab
The following is a market screen shot from yesterday September 13th, just after opening.
Bitcoin ramps up and hit its head at $47.000,- within minutes, to immediately bungy-jump back to $44.000,-. Three thousand bucks in minutes. A buckle up moment.
All I can do is staring at a red and green candle XXL inside what’s supposed to look like a bear flag, descending triangle, or in Netflix language;
Bitcoin Breaking Bad
While everything seemed to go so well before September 7th. Bitcoin’s price felt like accelerating towards 60k.
Than, within minutes, 4.16 PM local time, Bitcoin breaks $44.000,- and falls towards $43.400, Confirming my thesis and breaking out of the descending triangle, rampaging towards $42.770. The low of September 7th.
Finally, the price stabilizes around $44.000. Time for a cup of tea. Pfff.
The question remains, is Bitcoin breaking bad and will hit the low 40ies again or lower?, and more importantly, why?
It’s time to zoom out and to look what happened the last weeks in Cryptoland and find some answers.
Thank you for reading Spirit of Crypto