Yesterday I posted about the bitcoin sell off and how price was creeping down toward the 200 day moving average.
Well, the 200 day didn't even come into play as the price of bitcoin sold off like something fierce.
So where did it go?
Looking at the daily chart above you can see we got the big red candle spike down to support.
The 25K-ish area that was a resistance for some time and then became support with the successful back in June came into play last night.
Well atleast it did on coinbase's price feed. Bitcoin price get as low as 25,234 before bouncing.
Does it suck we dropped to 25k and price is floating in the low 26ks right now, yeah I supposed. However, a big volume candle with a big price spike is often a capitulation event giving us a bottom.
Now is that the case here? Who knows, the coming weeks will tell, but atleast it is a scenario that has a shot.
I bought a little more down here to add to my long term bag.