The price of bitcoin was battling the 20K support level on my last post. That level did not hold when a selloff was kicked off by the FTX exchange news. Price did level out at the next level we targeted though at 16,500.
Before we talk about the price chart of bitcoin lets touch on something even more important
Crypto is about Decentralization – Centralized Exchanges are not Crypto
Nothing bad happened with crypto (outside of price going down) but alot of bad stuff happened to people holding crypto on centralized exchanges, especially FTX.
Centralized exchanges are not only acting as a broker to buy and sell crypto but as a custodian of your crypto. Meaning you don’t have full control of your crypto (funds). Again, this defeats the purpose of crypto.
Crypto, especially crypto you plan to hold for the long-term should be on your own crypto wallet. Whether that is a software wallet like Exodus or a hard wallet like a ledger usb device.
Back to Bitcoin Price…
The above chart has the same information as the last post, but now price is down in that 16,500 potential support I identified. It was potential support in that all the price action we had there was some reversals and consolidation. Now, with bitcoin finding some buyers at that level and going sideways this level is developing into a support level.
Does this mean price won’t go lower? Absolutely not, there is a real scenario bitcoin goes to the 13 to 14K area as a next potential downside. On the flipside if the 16,500 area holds then we need to see price attack 20K and breach before we are out of a bearish tone.
Either way, I bought some at each level and will buy if we do end up at those lower levels. This is me building my long term bags. Not financial advice, you gotta do what is right for your investment portfolio, not mine.