Bitcoin is getting pounded this weekend, but my hunch is that it is more than just routine selling. The slippage so far amounts to more than $5k in the last 24 hours, but you should brace for a possible fall to as low as 88,293, the ‘d’ target of the pattern shown. A decisive plunge through the p=105,762, the midpoint Hidden Pivot support, would make that no worse than an even-odds bet. My much-darkened outlook is congruent with the very bearish forecast that will go out for the E-Mini S&Ps tomorrow afternoon. Friday’s hard selling created an impulse leg on the daily chart that looks to be the start of a more serious retrenchment. _____ UPDATE (Aug 6, 7:16 p.m.): Rallies in Bitcoin and the E-Mini-S&Ps feel like distributive fakes to me. We may know soon.
BTCUSD – Bitcoin (Last:112,387)
