BitcoinShort
btc to 16.8K ??
A lot of people were very greedy when BTC hit 22K , thinking history is gonna repeat itself and that we were going to bottom on the 200 WMA like previous bear markets . Considering the economic situation we have now I think we are gonna be seeing much much lower price targets for BTC . Compared to the previous 2014 and 2018 bear markets the current geopolitical situation is way worse than before . With inflation at 8.6% , supply chain issues and the Ukraine war i don't believe that the 200 WMA will be in use . As of today , this weekly candle is right now below the moving average and in less than 2 days we will have our weekly candle close . We are right now holding some temporary support at the 2018 high specifically 20.1K . Thus i don't believe that we can still hold it since ethereum failed to hold its 2018 all time high . According to my chart we might get some support on my fib channel at 16.8K - 17K which is in confluence with the 300 WMA . if you look closely back in history you notice that even when you bottom at the 200 WMA , you also get a slight touch on the 300 WMA so i think that will be our next target . Otherwise my ultimate bottom for BTC is the green support area which has been great resistance in the past . I think the price range from 10K to 12K is a great buying opportunity indeed .
Not financial advice .
Not financial advice .
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