Wide ranges continue

The bitcoin chart is starting to look better. The big drop to $30,100 from $41,986 highlights a couple things:

1) The bitcoin market likes big round numbers. We’ve seen it before and we’ll see it again

2) There’s panic, but no real panic

A 28% drop is no joke in any market but bitcoin has handled it. Now it’s already back up to $36,000 and even with the +5% daily ranges, it’s ‘consolidating’ now.

I’m impressed at how quickly the market shored up but I’m not convinced that the parabolic move higher will continue from here. It’s one thing for people to pour in at $20,000 as it broke to new highs, it’s going to be harder to draw in buyers at $40,000.

I think we could be around these levels for awhile (which is approx two weeks in this crazy market).

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