The Cryptocurrency Plunge Continues, What's Ahead?

In the past week cryptos have taken a hit. Let's look at price support levels for Bitcoin and Dogecoin.

For Entertainment Only

In the past 7 days Internet Computer is down 56%, Polkadot 50%, Biance 48%, Ethereum 42%, Dogecoin 39%.

I confess, I never heard of Polkadot or Internet Computer.

It is only the spectacular action in Dogecoin that got me looking. I watch for entertainment only.

Bitcoin Price Support Levels

For those inclined to buy for technical reasons, Bitcoin has support at the $30,000 level. There is also support at the $17,000 level and very strong support at the $11,000 level.

In addition, Bitcoin has minor support levels between $17,000 and $30,000.

Dogecoin Price Support Levels

Dogecoin has tiny technical support at $0.30 and more support at $0.24. Strong support for Dogecoin is down at a nickel.

What's Ahead?

I don't know and no one else does either.

One could have made more in Dogecoin or Polkadot this year than Bitcoin.

Whether that remains true in another month for those HODLing all year is another matter.

Fundamentally Speaking

Bitcoin was the first mover and has institutional support.

Dogecoin has Elon's mouth.

Regarding institutional support, Enron, JDSU, and Worldcom had that at one time too.

Will any of them survive? I don't know, but Bitcoin is far more likely to survive than any of the rest of them.

I have my doubts Dodgecoin will be worth more than a nickel by the end of the year. A nickel by next week would not surprise me in the least.

Thus, I would far rather bet on Bitcoin than Dogecoin.

Take all of that for what it's worth: Perhaps Nothing.

I am watching in amusement from the sidelines, but I can read a chart. Dogecoin looks ominous.