Bitcoin Price Action: When Max Pain?

The price action on Bitcoin is brutal. Just when you think the sell off may be losing steam, wham!

Nothing Like a 10% daily drop....

As I type this Bitcoin price is down 10% just for the day. Granted we still have some time for a rally, but right now it is what it is.

Where is it going?

Well, there is support in the 65-63K area and then again around 59K. Ironically, the 200 week moving average, which has come into play in the past is floating just above 58K.

So maybe that is where the ultimate bottom is, who knows though. Price is so oversold I'd be surprised if there isn't some kind of bounce first.

Posted Using INLEO