Originally Posted by Biggy

That's not a good chart because it doesnt emphasize the true dramatic drop of the price of Bitcoin from $1000 to $500. It's skewed to graphically make it look like it only lost a little, when it lost 50% of its value in a very short amount of time. IF there was a real way to short Bitcoin, the price would likely be a lot lower. There's inherent guards in the way its structured that artificially props the price higher.

If you look at Bitcoin like a stock and nothing else, and looked at the technicals, there was a support level of $500 that suggests if it goes decisively below that, the price would go right back to where it was before all the hype, which is ~$100. In the chart above you can see that 2 previous times it went to $500 and bounced higher, including recently. The 3rd time it wasn't so lucky. And on the rise up it blew thru all other price levels right to $500.

It's indicative that there is no support for BTC at a $500 price, and it just seems to be trending down.