Bitcoin Could Drop Another -34%

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by stockboardasset

Glancing over the chartbook this evening, we are taking a look at Bitcoin BTC/USD (weekly) rejecting a 50sma and nearing a low volume node probe. As long as the 50sma 7,894 level is rejected, there is a downside imbalance risk to the 100sma at 4,498. As we have mentioned before, we have zero USD in our bitcoin wallet and have not owned cryptos since 1Q. In the liquidation gap, we might be buyers of Bitcoin or some form of alt coin.

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BTC/USD versus SPX500

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