Today is February 28th, 2022 and the Russian stock market collapsed today due to sanctions imposed from the war with Ukraine.

On the daily, Bitcoin has, for the time being, broke out of the short term downward channel . Bitcoin is still respecting the bottom trend line of the gradual long term upward channel. If Bitcoin breaks the bottom of the upward channel then look for support levels at $30,500, $22,300, and $16,800. If it goes that low we’re probably in a completely new market cycle as that is approximately an 80% drop from the all-time high of $69,000. If Bitcoin takes the same amount of time to go from $29,500 to $69,000 then Bitcoin would hit the upper trend line around August 1st, at approximately $73,700.

John