Chart of the Day - Tuesday, November 8th, 2022
November 8, 2022
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?