Here is a 6 month percentage losses for the top cryptos by marketcap. (From tradingview) Since the peak in December 2017, BTC and the entire crypto market has been in a bearish cycle. How have they performed?
BTC is down 53.9%
ETH is down 40%
BCH is down 68%
LTC is down 63%
Stellar is down 41.5%
Monaro is down 59.4%
Neo is down 59.2%
Dash is down 76.2% (Can you say hammered?)
BTC is at the Feb 18 spike low for a double bottom. As mentioned in previous posts, it is at a very precarious spot because the previous low is a major support level.
If broken to the downside, it will typically drop to the next support level which is a key moving average, a fibonacci level, trend line or a previous significant low or high. (Take your pick...lol) But that is how assets usually trade, at least technically.
If it is a double bottom with BTC, I speculate that the 2nd half of 2018 should be a grind up to the end of the year. 2 steps forward, one step back with a few minor declines. Watch the charts!