Extension of earlier post (now I see somac replied also):
RIP 200 WMA. Bye-bye Schelling point for a Bitcoin Bottom.
That is what worries me, NOT the current price in itself. I am thinking that this is to equalize Bitcoin’s status with POS altcoins. Altcoins have no bottom. Buy alts, even relatively good ones, and you can just watch them drop as you think to yourself, “Oh, dear. This thing has no bottom. Nothing like Bitcoin’s 200 WMA line.”
Of course, the 200 WMA still exists. I refer to its significance. Do you make “reserve asset/store of value” decisions based on 100 WMA, which is currently something like $36k last I checked?
Earlier, I began writing some predictoins and scenarios. Wish I had finished it earlier. I may have mentioned pieces somewhere.
IMO, >10% below 200 WMA for too long = breaking the Honey Badger, step 1.
Reluctant to say additional steps I have in mind... but I had better damn well start to prepare for them.
These are not new thoughts. For years, I have expected a large-scale economic attack on Bitcoin.
For years, I was proud to hold BTC only in my own wallet.
For months, I have been pathetically wailing to myself: Why, why, why did I play with margin!?
For the past few weeks, I have been adding: And why did it have to be now!? I immediately apperceived this as an economic attack on May 5, when the BTC chart started to look weird as hell - May 5, right after the big Fed meeting - May 5, when Terra still looked healthy. From May 5 until Terra started imploding, the BTC chart looked... unnatural to me. After the initial spectacular crash, it spent days moving down in neat increments - cleanly and inexorably as if an autistic bear with OCD had total, absolute dictatorial control of the BTC price.