This is a follow up to my last article:

https://www.publish0x.com/cryptos-and-the-world-they-live-in/charting-bitcoin-and-where-we-go-from-here-xlzllwe 

If you have not read my last article I highly recommend that you do as this article will make a lot more sense if you do. However, if you are like me and rather have a quick summary I will give it to you. In my last article I wrote that Bitcoin is heading down a dangerous path in which it could fall below the $30,000 and retest lower levels which does not bode well for the rest of the crypto market. I wrote in my article that it was time to either drop Bitcoin as the number one token or fully commit to it and just a handful of select tokens. So, here is where we are today, Bitcoin is now dangerously close to breaking the $30,000 level without the stock market dumping for it to get there. I mentioned in my previous article that Bitcoin would need to follow the market up and hold above the $33,000 mark to brace for a lower drop in case of the stock market dropping. Which now is looking more likely, the S&P 500 went up about 1.4% shaving off about 1% off it's losses last Friday. Bitcoin, however, did not do that, instead Bitcoin drop about 12% today (Monday, 6/21/2021). 

Bitcoin

Current Price: $31,639.45

Market Rank: #1

So now that we are in the danger zone, what do we do? 

This is a tough question to answer because in all honesty it is looking pretty grim. The stock market rose almost 1.4% and Bitcoin dropped about 12%, leaving many like myself very concerned. I am well aware that the stock market and Bitcoin do not work in tandem and that can be good but when the stock market leaps like it did today, the crypto market should not have dropped, not even in the slightest. In the last hour alone Bitcoin has shaved about 3.5% following down a staircase to hell. 

This is the staircase to hell I am referring to. It is actually a chart pattern in which Bitcoin is forming downward steps, I added the hell part for drama. The staircase shows itself on the chart every time Bitcoin tries to break above that $37,500, $35,000, and the $33,000 mark. Those resistance levels and large one if that are pushing Bitcoin lower and lower. As Bitcoin stands now if it were to break $30,000 it would need to test new lows to bounce which is why I am concerned. Those new lows would just be old highs, which of course sounds like common knowledge. Yet what I mean by old highs, is those levels should never be touched once pasted this year. Bitcoin should be past the $20,000 to $29,000 levels, it can't test those because those would break Bitcoin's pattern and it would set Bitcoin, along with the rest of the crypto market, months if not years back. 

Let's get back to a solution. Sadly, there isn't one, unless someone or something pulls out a miracle. Tomorrow will be a hope and prayer because if the stock market were to drop from today's high (which it most likely will) then Bitcoin along with the rest of the crypto market will follow. This does not mean the end but it does give little room for mistakes. That means from this point on Bitcoin cannot have any bad news, it will need to be perfect to break out of its downward trajectory and back into an upward trajectory.

I am keeping this one short today because I am going to give Bitcoin more time before I make my final verdict on the future of the Bitcoin. However, if you are a holder of Bitcoin, I would think about selling, not saying you should, just think about it, you can always buy back later.

Good luck and trade on!

- Hypothetical