Red Flag In Crypto Miners

Bitcoin must hold $16K, and that target is at least delayed as long as Bitcoin is trending down.The support levels we offer are always meaningful. They give levels for a low-risk position and should be used as stop-loss levels when broken decisively.Nearly without exception, Bitcoin miners have broken key support levels, making one more high a low probability. We have cut or sold our positions at these levels.Produced by Ryan Wilday with Avi Gilburt and Jason Appel.Bitcoin on the EdgeInvestors in high beta assets have had a difficult 2022, whether they are in growth stocks, speculative tech stocks, or cryptocurrencies. But if you have followed Jason’s work and mine, you know that the strong downtrend in cryptocurrencies was no surprise.In Bitcoin: Detour on the Moonpath, Jason discussed levels which, if broken, should take Bitcoin down to $24K. All of those levels have been breached during this very bearish year. While we were looking down for most of 2022, we would rather have seen $24K hold.The break of $24K in mid June leaves us with one last support level in Bitcoin. This level is $16K. If that level breaks and Bitcoin sustains below it, we expect this downtrend, now nearly a year long, to turn into a multi-year bear market. We're not calling for that now, but we're watching for the possibility. While we're still looking for $100K one day, breaking $16K will likely delay it for years.Mining TroubleThe pain we’ve seen in Bi...