Bitcoin Weekly Goes Below $20,000 Support ... How & Why?
Here we have the long-term chart for Bitcoin where the last two lows can be appreciated.
After the 2017 peak price for Bitcoin at $19,666, we had a 52 weeks correction that ended just above MA200/EMA300 or $3122.
Then again we had another peak price in June 2019 at $13,880. This peak was followed by a 37 weeks correction that ended just above MA200/EMA300, the low was set on a wick at $3850.
The next peak price happened April and Nov. 2021... We are now in a new correction for 40+ weeks and EMA100 is being challenged as support.
If the EMA100 blue line breaks at $35,540, then we can go lower and hit the same MA200/EMA300 support as used to happen before.
This level is now set at $20,000, that's the main support if Bitcoin continues to drop.
Note: Remember, Bitcoin can go to $30,000, $20,000, or $10,000... To us, it makes no difference at all.
It is all about patience and time.
Bitcoin will stay at its low maybe for a few hours...
Maybe for a few days.
Maximum for a week or so...
After the low is in, what follows is long-term/sustained growth. See March 2020... After the correction is over, many new opportunities will show up.
Be patient.
Prepare yourself.
The market moves in waves... Up and down, up and down... We are going down now... Next comes up.
Namaste.
After the 2017 peak price for Bitcoin at $19,666, we had a 52 weeks correction that ended just above MA200/EMA300 or $3122.
Then again we had another peak price in June 2019 at $13,880. This peak was followed by a 37 weeks correction that ended just above MA200/EMA300, the low was set on a wick at $3850.
The next peak price happened April and Nov. 2021... We are now in a new correction for 40+ weeks and EMA100 is being challenged as support.
If the EMA100 blue line breaks at $35,540, then we can go lower and hit the same MA200/EMA300 support as used to happen before.
This level is now set at $20,000, that's the main support if Bitcoin continues to drop.
Note: Remember, Bitcoin can go to $30,000, $20,000, or $10,000... To us, it makes no difference at all.
It is all about patience and time.
Bitcoin will stay at its low maybe for a few hours...
Maybe for a few days.
Maximum for a week or so...
After the low is in, what follows is long-term/sustained growth. See March 2020... After the correction is over, many new opportunities will show up.
Be patient.
Prepare yourself.
The market moves in waves... Up and down, up and down... We are going down now... Next comes up.
Namaste.
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