Bitcoin Falling Out of Channel Again

Bitcoin is back below support today. It could re-establish itself into a new pattern, but for now I expect it will fall back into the 2015-2017 channel below. If it takes time making its way lower, the range on that channel will be above $3000 at the bottom and above $5000 at the top. This is a major drop from prior levels, but this is still an extremely bullish channel and positive for Bitcoin and cryptocurrencies in general. I do not think a bottom will occur until many "shitcoins" are out of existence.

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