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As much as I like to see asset prices fall, nothing really gives me more pleasure than crypto doing so. The “blue chip“, such as it is, Bitcoin, has lost “only” half its value (well, more, really, but that is incredibly good performance compared to its compatriots).
The psychologically important $60,000 support level is deliciously close.
For the sake of simplicity, here is Bitcoin with the trio of exponential moving averages. I have hidden the drawn objects and even the price bars, just to make it austere and pristine.
Take a wild guess where you think crypto is heading long-term.
A retinue of nitwits thinks he’s some kind of business wizard genius sorcerer, but accusations about a huge Ponzi scheme ring far truer than declarations of acumen.
I am already short IBIT and long BITI, but I wanted to highlight how precarious Bitcoin’s position continues to be. I dream of the day when this scam is worth just a few thousand bucks.
