BTCUSD Weekly view
As you can see after the big drop form 10000$ to 3800$ passing through all support lines to finally get supported by 300MA.
We have seen then a bounce till 7000-6900 level where we got rejected multiple times.
Yes we are back above 200MA but I don't think it will hold for so long.
V bottom is not a healthy recovery as we need to see a long accumulation phase same as the one of 2018-2019
On big macro view BTC is in a descending triangle so I expect an other visit to the 3K levels before next bull run
Also hash-rate getting a hit and miner started unplugging their machines which can lead to more capitulation
World situation is not stable at the moment and unemployment rising significantly which only means cash is king in these situations
Expecting an accumulation in the 3K-4K levels
We have seen then a bounce till 7000-6900 level where we got rejected multiple times.
Yes we are back above 200MA but I don't think it will hold for so long.
V bottom is not a healthy recovery as we need to see a long accumulation phase same as the one of 2018-2019
On big macro view BTC is in a descending triangle so I expect an other visit to the 3K levels before next bull run
Also hash-rate getting a hit and miner started unplugging their machines which can lead to more capitulation
World situation is not stable at the moment and unemployment rising significantly which only means cash is king in these situations
Expecting an accumulation in the 3K-4K levels
Related publications
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.