Originally Posted by
Dan Druff
It just inched back over 7k, from a low of 6600.
This is bad news.
None of the "recoveries" from recent crashes have been very resounding, unlike past recoveries which were swift and steep.
These recoveries all have the feel of a combination of automated orders and "Hey, look, bitcoin just dropped to XXXX, it's gotta be great value at this point, let's buy some", but no one is particularly enthusiastic about it this time.
The resistance points seem quite weak.
This has been the case ever since the last over-10k rebound to 10300, where I mentioned at the time that it looked like a very bad sign (because prior rebounds were to the 11400 range or so, and that one topped out at 10300). Indeed, now we're at 7k a short time later, and not from a rapid dip, but from a few separate crashes.
Every time bitcoin has recovered from crashes, it always started with enthusiastic buying following hitting a resistance point.
This one really has the look of a march down toward early 2017 levels.
Again, if anyone thinks I am full of crap, let's set up some kind of structured bet where we set terms of how much we win/lose based upon its value on June 1. I think it will be fun.
