Crypto-currency Bitcoin continues to show a ton of weakness. As the dollar makes new multi-year lows, Bitcoin should be making new multi-year highs as an alternative for the greenback. Considering the high just a month ago was near $20,000, and it currently trades at $11,000, that is not happening. Instead, Bitcoin continues to see bearish consolidation, setting up for further downside. In the near-term, Bitcoin is safe as long as it holds the trend line seen in the chart below.
That trend line sits around around $10,000. So as long as Bitcoin holds $10,000, it will not flush. However, I expect it to break $10,000 and flush down to $7,400 support. Once it breaks $10,000, the flush to target will happen within 24-48 hours. In other words, it will be fast.
