Well…..today felt like many, many, many days being a person who has watched and partaken in the financial markets for many moons (full moon tonight, a wolf moon).
Wow.
I’m still unpacking the idiocy committed in complete digital sight regarding the populist attack against the hedge funds and the panic-stricken stupidity of their reactions today.
But it is more important to share some news on bitcoin.
Bitcoin broke a key technical price resistance being broken and tested.
For anyone new to my writing, I’m biased towards bitcoin in a big way, my first purchase was around $250 a bitcoin and even today I always feel like I don’t have enough.
So, I’m biased but want to share so you have another perspective in the noise out there.
First, let’s look at a 6 month daily chart here
After breaking above $30,000 in late December, with the run up above $40,000 and then back the price has tested the $30,000 price level 4 times and moved higher.
During this time the price action has demonstrated a clear, diagonal line of resistance for how high the price would bounce off of the $30,000 level.
Well, today’s price action just broke above that known price resistance.
To dial in a little more, here is a 6 hour chart
The same price levels are shown and you can see a little more of the intraday moves that show a nice and orderly sideways move of building a new base of price support, on the $30,000 mark.
I added to my position today and, as I wrote above, still am wanting more.
If you have not begun to learn about bitcoin yet. Please do.
Todays’ blatant power plays should be all you need to know to understand the tectonic changes regarding what people deem as legal tender for their commerce and way of lives.