Bitcoin takes out 55k

Well, it is hardly the surprise of the afternoon here, but Bitcoin has fallen foul of a relapse seen in Ether. That was always in danger of turning lower after the rise to a new all time high only surpassed the previous one by around $10. The failure to really accelerate there is partly responsible for the downturn since. Also as noted, this one is just so overcooked from a technical perspective, that wild horses would not allow this author to buy it up there. Anyway it is lower now and that as expected, has undermined Bitcoin, forcing the price to session lows underneath 55k. In fact, the drop in Ether right now is extending close to 4100. If this does fall below 4089, then it might accelerate more to the downside. That remains to be seen. As far as Bitcoin is currently concerned, the risk of further downside and potentially beyond 53,730 should not be dismissed under the current conditions