Bitcoin continues to tumble lower and lower as it struggles to claim any footing in the market. It’s down almost 50% in three weeks and it’s showing very little sign of stopping. It’s currently clutching onto the $ 3,500 values but it doesn’t look like it can hold on much longer.
BTC-USD, Daily Candles, Macro Downtrend
Unfortunately, the consequence of a parabolic market is that, toward the tail end of the parabolic move, it doesn’t bother to retest or establish strong support. And now bitcoin is brutally busting through all the untested support levels. The figure above shows all the untested support levels (in blue).