Is Bitcoin Breakout Filing?

Published 03/25/2021, 02:01 PM
Updated 07/09/2023, 06:31 AM

I have one simple chart to show, and one simple point to make:

Bitcoin chart:

Bitcoin Chart.

For months now, the crypto space has been (i) basing (ii) breaking out (iii) moving on to a higher plane. This time, however, was a total fizzle. It broke out, everyone was chattering about “institutional buying” (which apparently are the magic words), and yet $10,000 has been sheared off the price within days. Crypto isn’t necessarily doomed, but this is definitely not what the bulls want to see.

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