Daily chart of Bitcoin.

What a ride it’s been in bitcoin and cryptocurrencies lately. The destabilization is not something that’s well understood by a lot of investors.

I’m not a cryptocurrency, blockchain or bitcoin expert either. I just follow the charts and the price action.

Coming into this week, the bitcoin bulls should have already been long gone from their positions, given that last month’s low and channel support had failed near $37,500. 

Once that happened, it opened up the $33,000 area, then the key $29,000 to $30,000 zone. I earlier this week noted that the latter was a must-hold support level.

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