As well celebrate independence day here in the States, we are reminded that free market prices are free to do whatever they want.
Much to no one's delight, BTC is selling of hard the past 48 hours.
I'm scared sarge.....we're all scared son
Bitcoin price is testing the 200 day moving average as we can see on the chart above. This was a downside target for me and I bought a little btc just now.
The swing low of the price range we have been in for a few months now is 56,500 when we saw price last poke below support before rallying.
Will the same happen here?
Need some buyers to step in soon. If for some reason BTC cannot hold the 200 day MA or that swing low price, well then its not gonna be a fun summer.
Ideally, we get a big volume spike lower and this is just a move to shake weak hands and leveraged longs.
Happy independence day ;-)