A quick look at the current price action in Bitcoin tonight.

We had a really nice selloff and flash crash in the broad crypto market today. As a Gannyst, this was kind of neat because tomorrow is August 8th and August 8th is an important date in Gann’s writings. He said that August 8th was very important to look for peaks and troughs in the markets. It is also normal for prices to accelerate higher or lower (in trend) prior to the 8th. It is very possible that we observed that very situation happen this afternoon. But the really cool part is the collapse today happened near the middle of the linear regression channel and we dropped slightly below the bottom of the regression channel. The oscillators here show supportive buying conditions at these levels.