Look Out Below

Bitcoin is falling off a cliff right now on the very short timeframes. The fact that we just printed lower highs near all-time highs leads me to believe that this rally may be losing some of its steam, at least temporarily.

If it continues to fall, then it might reach a key support zone that I have highlighted in the chart directly below with orange lines.

This is an important technical level as it is the only major level that can keep the price from falling lower to the previous consolidation zone, which is the next support level. This would be around the 50,000 - 53,000 price points.