BITCOIN Even Stronger Level Below 20k

Hi Traders, Investors & Gamblers 😃

I hope everyone is doing great this wednesday morning!

A quick update after the expected loss of the previous support level for Bitcoin, once again I want to point out a very logical next support level and potential bottom scenario for Bitcoin.

The 200 week SMA the most logical target for Bitcoin on a weekly closing basis all along. I've been talking about it here on TradingView since at least February.

Daily Chart:
Support & Resistance Levels
We have now reached a very strong support area for BTC coming from the range that Bitcoin has beentrading in in Winter 2020.
I will go through all the indicators that lead me to call these current lows for Bitcoin in the beginning of the year already.
snapshot

Weekly Chart:
200 Week SMA & Falling Wedge:
As mentioned yesterday, THE bullish scenario! Wick below the support and finish the week above the wedge support and 200w SMA
snapshot
2017 20k ATH:
Right in the middle of major moving averages and Fibonacci levels we have the historic ATH from 2018.
snapshot

Monthly Charts:
200 Week SMA, 50 Month SMA:
Pay attentio to the red circle, in the one instance where we touched the 200 week SMA but not the 50 month SMA we ended up falling short of a new ATH until we came back downand touched both moving averages.
snapshot

Fibonacci Retracement:
The "Absolute Bottom" could lay around the.786 for BTC since we lost the .618 it would be logical to continue down to the next Fib. level and find a bounce there. As we know we have never closed a weekly candle below the 200week SMA and 50 Month SMA, but we have wicked way below on various ocasions with the last being in March 2020.
snapshot

I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.


As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏

Happy Trading ✌♥📈

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