Should I buy weed or Bitcoin when I get my $1200 government check?
I’ve been asking myself that question all night as I’m currently on my second 22oz Yuengling and a few bong hits deep staring at the BTC/USD chart. After the way Bitcoin gave it to me “With No Vaseline,” I’m a tad “BIT” gun shy on pulling the trigger. I’d be lying if I told you I didn’t still have the fear of lower lows inside me after seeing a 50% drop in one day, which is a “BIT” hard to stomach. So now that I am nice and high let’s take a rational look at the charts.
The first thing I would like to point out is that we are trading above the 200 day moving average and even though we did break through it was on very high volume and we did have a weekly close above it. I feel pretty confident we will get up to around 8K before a pull back.
Also, we have these two giant wicks at the bottom of this massive sell off which, In my opinion is extremely bullish. Additionally, you can see on the June through July 2019 highs a similar two week pattern with high volume and volatility that signaled the downtrend.
From a technical standpoint I have to be bullish but I would not be surprised if we tested the 200 day moving average at least one more time. I also see a very rough ride for the next few months. But let’s be real if the world markets keep selling off, Bitcoin will sell off as well.
So here’s what I’m going to do with my $1200.
- ½ oz weed -$130ish.
- $70 Worth of gas at a cheap price thanks to the Russians/Saudi’s.
- Market Buy $500 worth of BTC.
- Set limit orders for $500 BTC at $1500 just in case the world keeps selling off.