At $28,000, Bitcoin is teetering just over key support. The head and shoulder topping pattern would be completed if you broke lower. The original objective is $20,000, with a fair chance of hitting $12,500 later this year, or perhaps sooner if another crypto flash crash occurs.
The Bull Case
Bitcoin must quickly return over $32,000 to restore near-term sentiment.
Overall, I’m optimistic about blockchain and plan to invest during the washout.
AG Thorson is a CMT that specializes in technical analysis. He thinks we’re nearing the end of a global debt super-cycle. Please check back here for regular updates.