The crypto crowd is an enthusiastic crowd that loves to take risk. We understand that people want clear ideas and a strong call on where Bitcoin ( BTC ) is going.

Unfortunately, there just is no clear read on the chart right now. Bitcoin ( BTC ) is below key pivot points like the 21-day moving average and a Fib speed resistance line. That's not good. The only remaining good news is that Bitcoin ( BTC ) is holding a horizontal support zone that is close to the bottom of the recent range. That is near 7853. So, net-net, we have to wait. Waiting sucks, but it's part of trading and investing.

Bottom Line: We would not buy any Bitcoin ( BTC ) right here. Bitcoin ( BTC ) has to prove it can hold support and bounce hard. If Bitcoin ( BTC ) continues to go down, then the chart tuns really ugly. Specifically, if Bitcoin is below 7800, the biggest problem could be lack of support, leaving bears to do what they want. So, even though our readers want a clear read, there just isn't one right now.

DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice.  The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: https://blog.tokenmetrics.com/disclosures/.