A quick update on what I think of the current crypto markets mayhem.
The current bitcoin situation is by no means a good looking picture.
While the panic and teeth grinding at the moment are understandable, it should be made clear that bitcoin is far from deceased or on its way to the grave.
I'm not that big into technical analysis, but I believe a few indicators do serve a purpose.
If we consider the Moving Average of the last 200 days (blue line), we can see that it's still in uptrend territory.
$7900 is a key support price here. If that doesn't hold, only then I'll start to be a bit concerned for bitcoin's long-term future.
Sage up,
Hi, how are you doing? I post regularly on subjects related to cryptocurrency and new tech. If you like my stuff and want to get it fresh off the keyboard, follow me @sek3.
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I believe bitcoin can low a litte more to finish the correction... I will be ready to buy more around $7,000/$7,500