It appears there is no respite for Bitcoin and the other cryptocurrencies, with the rally to $4,000 short-lived.

Currently the sell-off is certainly in realm of panic selling, with investors not wanting to be caught holding onto something that has fallen more than 80% from its highs.

The selling hasn’t just been in BTC, with Ethereum and Ripple’s XRP taking a fair hit of recent times as well.

The bulls keep pointing to the fact that the very same thing happened to tech when the dot-com bubble burst. Amazon lost 95% during the market crash and in hindsight that would have been a pretty savvy time to be buying.

Bitcoin Technicals

As it stands, support at $4,000 has now turned into resistance and that has now held up on the first attempt.

I suspect we are getting set for a run of the lows once again and as a result my downside target of $3,000 but sometimes will come into play.

I will be going with the momentum for the time being, expecting to see lower highs and lower lows and until that stops we are staying in sell mode.