A look at bitcoin drilling down from long term to short term.
Monthly chart from the beginning shows long term trend support at 14,000.
The 17,000 area is also a support level. You can see it better on a linear scale.
The next support levels are around 6000 and 3200. But the conventional measured move target is negative 5000. If you are a BTC HODLer, once it goes below zero, they’ll start draining money from your bank account until you pay someone to take it off your hands. That is, if you still have a bank account.
And hands.
Stocks, like BTC have no intrinsic value. If you own a share of stock, the only thing you own is the right to sell. You don’t have the right to income. You have zero right to use or control the asset. You own nothing except the ability to buy and sell the asset.
In the past, stocks always went up over the long run. True, but also in the past, the great rivers of N. America and Europe weren’t drying up. You wanna make that bet still? Pays your money and takes your chances.
The problem is that stock price directions correlate highly with the price of BTC. And BTC leads. So if you want to know what direction stocks will go, maybe BTC will tell you.
Or maybe not. Bulls can always hope.
