Bitcoin on Verge of Price Collapse - Mike Swanson (06/28/2017)
Bitcoin has been in the news everywhere for the past sixty days thanks to a parabolic price launch that took place for it in May.
However, this month Bitcoin has all the makings of putting in a dangerous top on the technical analysis chart.
Take a look.
The key support level on Bitcoin is $2,400.
That is the low made after its peak that then just got tested recently for a weak bounce.
If Bitcoin closes below $2,400 then the topping formation will be complete.
Stock market investors do not think about Bitcoin, but the "FANG" stock complex actually has traded with Bitcoin since May.
I did a post about the connection between NVDA and Bitcoin price action before.
And the Nasdaq itself is sitting on a similar support level right now at its 50-day moving average.
It forces us to wonder now when will the Nasdaq rally end?
Maybe it already peaked.
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