Bitcoin clings to major support level at $30,000 USD. For sure, a break below $30k leaves the door open to a plunge to $22,000 area. I don’t recommend buying at this level. From a risk perspective, it makes no sense to buy here. Why not wait and see how the next couple of sessions go and evaluate from there.
Important technical support level in jeopardy of failing
Alternatively, you could buy Coinbase instead of bitcoin. Coinbase is a platform to buy and sell crypto. The company went public on April 14, 2021. After initially posting solid quarterly earnings, the wheels flew off the cart yesterday and earnings collapsed to -$1.98 per share. Not surprisingly, the stock is being obliterated as I write this post. Down 26% today alone. So, be carful with this one.
Conclusion
Clearly, crypto is getting killed. To be sure, major support is likely to fail as price enters the abyss below $30,000 USD. I think bitcoin is the safest crypto to within the entire space. Who knows what the future holds, but for now I’m happy to sit back and watch the show.
Be flexible. Trade your own ideas. Love everyone. Call you mom.
Alpha Dawg – daily notes on investing and trading for self-directed investors and traders looking to execute trading ideas and manage risk.
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