- Bitcoin has gotten hammered again during the trading session on Tuesday as we broke through the 200 day EMA.
- At this point in time, I think we need to look very closely at what happens next because we are going to see recessionary problems around the world.
- And with that, people just don’t feel like gambling with crypto. It’s the hard cold truth.
That being said, it does offer an opportunity for those of you who are a little bit more long term oriented, for example, buying dips, but you have to keep it a small part of your portfolio if that is in fact what you are going to do. And there are people out there who have made a ton of money just buying a little bit of Bitcoin every week, and that’s part of what I’m doing. So, when it drops, I don’t overly avoid it. And in fact, it doesn’t change anything other than I buy more for my weekly contribution. Now, having said that, for those of you who are looking to actively trade Bitcoin, it looks very much like a market that is going to do what it can to get down to the $75,000 level.
Noise to Come
The market is going to continue to be very noisy. And I think it remains a buy on the dip market, not necessarily for short term traders, but longer term traders, short term traders going to have to pay close attention to that 75,000 level, anything below there gets rather ugly. And then we have to worry about whether or not the bottom even holds because if it doesn’t, at that point, Bitcoin could find itself at the $60,000 level.
The $90,000 level above is a significant barrier that if we could break back above there again, it could be a bullish sign. But right now, I think we have a situation where we are trying to find the next trading range more than anything else. And that is almost always messy.
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