This morning, Bitcoin crashed violently yet again after a horrible day yesterday, reaching as low as $9k at the time of recording this and currently hovering around $10k. Looks like we have some heavy support at over 9k memes. In all seriousness, I bought some Bitcoin at $9.8k (which was rough because previously Bitcoin dipped to $9.9k then went back up to $12k in a few hours) and am ready to buy a lot more at $8.3k.
$8,000 seems to be a level that many technical analyst agree on, regardless of metric. Whether it's basic support and resistance, channel support and resistance, simple moving averages, Fibonacci retracements or Elliot wave analysis, everyone seems to hone in on this one level. Furthermore, media outlets are beginning to mention this level to so it has become somewhat of a "Trinity" level.
Given the fact that so many charts line up to this level, plus it's a nice psychological level, I suspect we'll find substantial support here and potentially a bounce. As a result, I will be investing heavily at this level if we reach it. As always, it is possible that Bitcoin declines even further past this level. However, I have more confidence here than anywhere else so I see it as a healthy "probability" bet.
If you're not calm right now, then it likely means you didn't scale your position in Bitcoin correctly - You have too much. Most newer investors have limited experience with understanding their own risk profiles, so this might be a good learning experience and I encourage you to take note so you can sleep better in the future.
Lastly, you know the drill already but... I prefer Bitcoin over altcoins and still suspect dominance to rise to 45 - 50%. Something I forgot to mention in the video is I am watching a few altcoins closely and am prepared to buy if they crash down to certain levels relative to Bitcoin.
What are your thoughts on this volatile market? For once we consolidated and broke out to the downside - been a while since we've seen that. Hope you're all having as much fun as I am!