Is Below $6ks Unavoidable Now?

Bitcoin has just plunged to a new six month low under $6,700 which opens up a new range of lows in the short term. The chances of a ‘santa rally’ are dwindling as crypto markets continue to crash back towards the deep chills of winter 2018 levels.

Bitcoin Bottoms at $6,600

According to Tradingview.com BTC has plunged to a low of $6,615 an hour or so marking a fresh new six month low. The last time it was at these levels was during a rally in mid-May, today the direction is all heading south.

Most of the weekend has been spent hovering around the $7,200 level but the cards were already on the table for Bitcoin. Further losses were widely predicted and the continued decline has sent the asset tumbling again during early Asian trading on Monday morning.

At the time of writing BTC had crept back above $6,700 but the move has opened the digital door all the way down to $6k and below. There is very little support between here and the mid $5k level looking at this year’s chart…