on the 2 day BTC has fallen below the MA600 support which sits at the 30K area .
This area is a strong resistance area. Hence if BTC were to attempt moving upwards we would first need to see BTC close above this 30k resistance.
Such a move could also then lead to the next resistance at 38k
On the other hand if BTC is unable to close back above the MA600 at 30k then we can see further movement down to the strong support at the 20K area.
This will be similar to the moves that occurred in 2018 and 2020 which resulted in additional 30% drops. These areas are marked on the graph as points 'A' and 'B'
The current 28k area where BTC sits is a no support area meaning BTC is currently between the next strong support at 20k and the resistance at 30k.
So its either BTC has to close above 30K or continue moving lower to the strong support at 20k.
This area is a strong resistance area. Hence if BTC were to attempt moving upwards we would first need to see BTC close above this 30k resistance.
Such a move could also then lead to the next resistance at 38k
On the other hand if BTC is unable to close back above the MA600 at 30k then we can see further movement down to the strong support at the 20K area.
This will be similar to the moves that occurred in 2018 and 2020 which resulted in additional 30% drops. These areas are marked on the graph as points 'A' and 'B'
The current 28k area where BTC sits is a no support area meaning BTC is currently between the next strong support at 20k and the resistance at 30k.
So its either BTC has to close above 30K or continue moving lower to the strong support at 20k.
Note
on the weekly graph BTC has headed down to the MA300 in 2018 and 2020.This area currently sits at the 20k area
Note
Summarizing this up its either :=====================
a) close back above the 30k resistance which is a good sign
or
b) Continue moving lower to the next strong support at 20k
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.