Morning all.
Just a quick update to look at $BTC as it has decided to come down and test the 50 day moving average, as I hoped it would, and we have some buy orders that have been triggered during this test and move through that level.
The 200 day moving average is getting pushed away by the price action and is sitting at an interesting level at the moment. If you look on the chart you can see the level of the 200ma is around $8,780 and that coincides with the 50% fib retracement and also an support & resistance level where I’ve highlighted some prior interactions.
A test and bounce off the 50ma would have been the most technically bullish price action but you can clearly see we haven’t got that and the whole crypto sector is taking quite a beating today compared to Bitcoin.
I’m happy to keep accumulating if it does go for test of that 200ma/fib/s&r zone where these 3 elements are stacked together and still believe the bull picture can remain intact through that. What I don’t want to see is anything but the briefest of dips below that area though because I that really would empower the bears to start talking about sub-8,000 levels.
Global markets are not happy in the broader sense today because of the spreading COVID-19 situation and the risk-off situation is plain to see in the way stock prices have been falling this week.
On the ‘Old Money’ side of things I’ve taken a few positions this morning, mainly related to $COPPER as it finally broke down a little.
All we can do is buckle-up and execute our plans and hopefully we’ll come out the other side in a healthy world with this Virus beaten and the portfolio looking good.
Thanks for your time.
