Bitcoin spent ten solid days going absolutely nowhere and then on Sept. 7 it took a big old Saylor-soaking dump. This is exciting for me, because we are approaching the whisper-thin support level which, if breached, should get things really rocking to the downside.
As you can see, the Skittles rainbow of flavors isn’t going to do a damned thing to keep this beast propped up at $19,000, which is approximately $19,000 above its true value.
Ethereum hasn’t suffered as much as BTC, but I’m watching those trendlines like a hawk. An overall crypto meltdown would pour gallons of gasoline onto the nascent equity bonfire.
What is simultaneously annoying and amusing to me is that Michael Saylor – – the man who turned Microstrategy (NASDAQ:MSTR) into a giant BTC holding company and is presently over $1.5 billion underwater on his “investment” – – tweets out a complete r-word-ed message every blessed day. They are truly ludicrous pontifications.
Oh, you want more? No problem:
I daresay if BTC starts a free-fall, Saylor will just keep cranking these ridiculous bon mots out each morning, which will make them all the more preposterous.