Trying to pick the bottom?! Best to avoid stinky fingers then!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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.
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