Today's Bitcoin 5/10

    In the long term picture Bitcoin is just near a long term trending support. It has been falling with great momentum towards this support level. This looks scary since it is falling with equity markets. Will it break below this support level? If it does it wont be pretty.

    When you zoom in to a smaller timeframe you can see the magnitude of the downturn. It looks as if it is going to just slice straight through the support and heard for new lows.

   If you look even closer you can see how bitcoin is consolidating at these lows near this long term support level. Coincidently it is near the 30000 dollar level so naturally you should see a lot of buyers coming in at this psychological support level. I’m sure the bulls on BTC are loving this discount.  This consolidation could be a good sign. But if we break below this level then there is a lot of room to fall with minimal friction levels on the way down.