Bitcoin has tumbled again today as the market continues to see further downward movement shortly after breaking two areas of market support. So far, bitcoin is down 15% on the day — 25% in 1 week:Figure 1: BTC-USD, Daily Candles, Downward ContinuationThis drop below support is starting to display hallmarks of market capitulation. After most of the sellers got out of the market earlier this year, bitcoin managed to consolidate sideways for about 9 months in the form of a descending triangle. Last week, after several tests of support, the bottom finally gave out and sent bitcoin jolting downward through multiple support levels. With little to no relief in sight for the bulls, many early buyers are now finding their investments underwater as the market continues to head down toward its macro 78% Fibonacci retracement values:Figure 2: BTC-USD, Daily Candles, Macro Fibonacci Retracement LevelsHistorically, bitcoin’s previous parabolic run-ups and declines have typically found support around their 78% retracement values. In our case, this coincides at approximately the $4,400 range. However, something that’s a bit concerning regarding the macro trend of this market is the weekly Bollinger bands (bbands):Figure 3: BTC-USD, Weekly Candles, Bollinger BandsAfter such a prolonged consolidation, the weekly bbands found themselves very tightly wound. And now, one week after a 25% drop, bitcoin’s weekly bbands are ex... For Further Information Click on Below Button