Bitcoin’s chart disaster

Thursday, 5 April 2018

BTC was hammered last night over new fear of a hack at Binance:

More importantly, it drove the price back to its recent support range in the high $6ks:

Anyone with half a charting brain can see how important this support has become. That’s a giant bearish descending triangle pattern.

Of course, you could argue that chart technicals are hoodoo.

But, then, so is BTC!

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.