Today’s Chart of the Day was shared by Barchart (@Barchart). It's a daily candlestick chart of Bitcoin over the past six months. As of writing, Bitcoin is down more than 13%, marking its worst day since June. Bitcoin has been flirting with that crucial $19k level for about five months now, but it decisively broke below it today. The trend remains lower, momentum is nonexistent, and we're below the prior cycle highs (2017/2018). There are no major support levels until around $12k, so the air could come out of the balloon fast. Given how correlated Bitcoin has been to the broader market this year, today's action begs the question...Will stocks follow Bitcoin lower?
Chart of the Day - Tuesday, November 8th, 2022
November 8, 2022
