ALL EYES ON BITCOIN SUPPORT
Frank on Market Insights | 
BITCOIN’S DEATH KNELL HAS BEEN SOUNDED NUMEROUS TIMES BY CHART WATCHERS AND CYRPTO CRITICS THIS YEAR. The bears have earned a lot of bragging rights recently, especially after Ethereum shattered 300.
With today’s early breach of 6,000, Bitcoin’s drop from the late July high has totaled approximately 30%.
Is it enough?
The decline is still less than the 40+% pullbacks we saw earlier this year. Regardless if a trading low has been etched or not, it’s all about the quality of the rebound from here. Each material bounce in 2018 has been fast and furious, but each one has yet to make a new higher high. The result has been a huge, eight month descending triangle formation, of which we’re testing the bottom of once again.
The one thing that has worked in 2018 has been buying near support. Who will be willing to buy again now? And if they do, will they decide to hold it when each preceding rally ultimately has failed?
