The more times support is tested, the weaker (they say) it becomes…
BTCUSD is thus far locked below the down-trending SMA 50 and the neckline of the first bearish pattern we tracked in late winter and early spring. The daily chart is gently fading and may have another test of the green neckline upcoming.
Should that fail the next support is the 2017 high, with a problem being that the bearish pattern measures to below zero. Easy now, let’s manage the neckline support first and then the 20,000 round number before introducing sub-zero hype. ;-)
The goal is for Tommy laser eyes to move on and find a new fad to hump. While he’s at it, he can bring along Paris Hilton too. Bitcoin needs fewer of these great financial thinkers aboard.
By the way, with reference to that goofy Twitter battle between gold bug promoters and Bitcoin promoters, Gold has been winning (duh) since April.
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