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Bitcoin no longer a thrill ride

03/08/2018

Once again I am writing about Bitcoin (BTCUSD), and once again I have nothing positive to report. Bitcoin volatility used to be a rollercoaster only suitable for those with nerves of steel. Now it is looking more like a kiddie ride you find outside budget supermarkets. After breaking through a fairly well-established trendline on July 2nd, it has staggered up to a high of $8480, (July 25th), but since then has failed to consolidate its gains, as seems to be something of a recurring pattern (or recurring nightmare if you are still long above $20,000). It now appears to be forming a shoulder below $7750, and it’s difficult to see what will be required to propel it back to the heady levels of December last year.  There should be interim support around the $6850 level, but we would not expect this to be robust, with a trickle down to $5800 a more likely destination.

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