The Cryptocurrency Plunge Continues, What's Ahead?

Mish Talk2021-05-24

In the past week cryptos have taken a hit. Let's look at price support levels for Bitcoin and Dogecoin.

For Entertainment Only

In the past 7 days Internet Computer is down 56%, Polkadot 50%, Biance 48%, Ethereum 42%, Dogecoin 39%.

I confess, I never heard of Polkadot or Internet Computer.

It is only the spectacular action in Dogecoin that got me looking. I watch for entertainment only.

Bitcoin Price Support Levels

For those inclined to buy for technical reasons, Bitcoin has support at the $30,000 level. There is also support at the $17,000 level and very strong support at the $11,000 level.

In addition, Bitcoin has minor support levels between $17,000 and $30,000.

Dogecoin Price Support Levels

Dogecoin has tiny technical support at $0.30 and more support at $0.24. Strong support for Dogecoin is down at a nickel.

What's Ahead?

I don't know and no one else does either.

One could have made more in Dogecoin or Polkadot this year than Bitcoin.

Whether that remains true in another month for those HODLing all year is another matter.

Fundamentally Speaking

Bitcoin was the first mover and has institutional support.

Dogecoin has Elon's mouth.

Regarding institutional support, Enron, JDSU, and Worldcom had that at one time too.

Will any of them survive? I don't know, but Bitcoin is far more likely to survive than any of the rest of them.

I have my doubts Dodgecoin will be worth more than a nickel by the end of the year. A nickel by next week would not surprise me in the least.

Thus, I would far rather bet on Bitcoin than Dogecoin.

Take all of that for what it's worth: Perhaps Nothing.

I am watching in amusement from the sidelines, but I can read a chart. Dogecoin looks ominous.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • tigger_jif
    2021-05-24
    tigger_jif
    Long term Hodl for me.... 
  • Sallkwan
    2021-05-24
    Sallkwan
    Right time to buy?
  • Jo5tarz
    2021-05-24
    Jo5tarz
     According to wyckoff logic,  it will recover soon [比心] 
  • siok
    2021-05-24
    siok
    Can buy?
    • Veldora
      Buy what you can afford to lose
  • lesliechua
    2021-05-24
    lesliechua
    What's the chance cryptocurrency is gonna disappear? 
  • JaNice
    2021-05-24
    JaNice
    Good read
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