Good afternoon/evening/morning/middle of the damn night traders!
BTC has officially hit the 200 day EMA--this is a historical support level that has not been breached in 3 years. While I would have expected to see a major bounce off this support level, we have at least seen the price catch here. If we breakdown at this point, we may see a pierce of the 200 simple moving average. This would likely satiate the masses sitting on the sidelines who have been endlessly calling for 8k bitcoins.
If the 200 SMA does not hold, we are in uncharted territory.
I am personally taking the stack-preservation approach and will wait and see. I would rather leave some profit on the table and catch this on the way back up with a market order than get in now with the potential for a further breakdown to the 200 SMA. There has been too much FUD in the past weeks and days for me to have full confidence in our TAs.
As always, stay safe.
BTC has officially hit the 200 day EMA--this is a historical support level that has not been breached in 3 years. While I would have expected to see a major bounce off this support level, we have at least seen the price catch here. If we breakdown at this point, we may see a pierce of the 200 simple moving average. This would likely satiate the masses sitting on the sidelines who have been endlessly calling for 8k bitcoins.
If the 200 SMA does not hold, we are in uncharted territory.
I am personally taking the stack-preservation approach and will wait and see. I would rather leave some profit on the table and catch this on the way back up with a market order than get in now with the potential for a further breakdown to the 200 SMA. There has been too much FUD in the past weeks and days for me to have full confidence in our TAs.
As always, stay safe.