Earlier in the week I posted about Bitcoin and rooted for it to go down MOAR. Well, it certainly did.
I don't know that my buys were the most efficient but buying I did. Grabbed a chunk at 87,300 and then again at 79,700. Obviously the last buy has worked out nice so far, but time will tell.
I do like that price poked through the 200 day moving average (yellow line) and rallied to close above it on Friday. Things are still a bit oversold on the daily chart and I'm keeping my eye on the 10 day moving average (blue line coming down toward price) as use that as a short-term overbought/oversold indicator. It will be interesting to see if price turns back down when those meet or makes another leg up.
More downside??
I'm honestly undecided on whether that was the bottom or not. There are plenty of scenarios that have price touching into the 76s and even testing 72k or lower.
I do like that the drop has already been roughly 25% top to this recent bottom though. That is in range of a pretty standard dump off for bitcoin, though 30% would have made me more comfortable.