Well This Didn't Age Well...
Just a few weeks ago it looked like we were pushing past that psychological barrier of 10k BTC, and I wrote this piece:
https://steemit.com/bitcoin/@nealmcspadden/is-charlie-shrem-right-about-usd10-000-btc
About Charlie's call for 10k to be in the rear view mirror for all time.
And here we are at 6500.
But let's not throw in the towel just yet. The bottom of the current move has not been defined yet. Will we see big buyers picking up BTC at support, creating a V-bottom? Or will it drag on for years as sentiment and focus goes elsewhere?
I tend to think the bottom will be shorter rather than longer. A lot of big money is now aware of crypto and the big moves it can produce. The speculators can profit either way from volatility. So sharp moves benefit them more than slow ones.
Either way, I'm a buyer at these levels.
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We have a Feb. bottom at 6200-ish. I wonder if the psychological points are not as easily defined as they are in stocks.
It looks like we will find out in a bit!
What everyone neglects is volume though. In my daily chart series on STEEM and SBD I show the VWAP and I'll be adding STEEM volume in USD terms.
I think I'll do the same for BTC as well to see if this move has any real momentum or if it's just weak hands.