BTC on the edge of its seat
Looking at this long term analysis of Bitcoin, we observe key levels at,
1800
3000
6000
The last major break to the downside was the failed support of the 100MA (in orange), falling sharply to the $3000 level. This has extremely crucial as the the 200MA (in red) has served as a strong support level this past decade.
Today we see a tightening and price squeeze along this range, siting diligently above the 200MA. RSI also prints oversold and MACD seems to be signalling a reversal. Tracking back to the charts in 2014, this could be spelling the beginnings of a consolidation period before the commencement of a new uptrend.
If this support fails however, the bearish case would be a visit to $1800. The bullish case would be for a strong upward movement to $6000. We would need to see evidence of sustained volume to enter the market for any signs for an uptrend to ensue.
Disclaimer: This does not make the case for history to repeat itself and to recover from this 200MA level, and should not be deemed as such.
1800
3000
6000
The last major break to the downside was the failed support of the 100MA (in orange), falling sharply to the $3000 level. This has extremely crucial as the the 200MA (in red) has served as a strong support level this past decade.
Today we see a tightening and price squeeze along this range, siting diligently above the 200MA. RSI also prints oversold and MACD seems to be signalling a reversal. Tracking back to the charts in 2014, this could be spelling the beginnings of a consolidation period before the commencement of a new uptrend.
If this support fails however, the bearish case would be a visit to $1800. The bullish case would be for a strong upward movement to $6000. We would need to see evidence of sustained volume to enter the market for any signs for an uptrend to ensue.
Disclaimer: This does not make the case for history to repeat itself and to recover from this 200MA level, and should not be deemed as such.
Disclaimer
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