Bitcoin is falling sharply today, in fact this is the largest drop since January of this year.

This chart is not for the faint of heart:

(Source: https://www.zerohedge.com/news/2018-06-10/crypto-carnage-continues-bitcoin-plunges-below-7000-after-korean-exchange-hack)

This drop is happening at a very bad time technically for those bullish the coin.

The $7k area was seen as a support that prices were expected to bounce off of in order to start the next surge higher.

Technical analysts from Fundstrat talked about it here:

https://cointelegraph.com/news/bitcoin-set-to-challenge-downtrend-in-next-couple-of-days-says-fundstrat-advisor

So much for that chart...

Prices have broken out of the triangle to the downside, which usually means that lower prices are in store in the very near term.

That being said, if prices can hold up around here at $6,700 all is not lost. Also there is some support around the $6k area as well.

Though, to me it is looking like prices are going to need to wash out first before we start to head higher.

Unfortunately that may mean lower prices in the next few weeks...

Stay informed my friends.

Follow me: @jrcornel