Currently BTC has fallen below the weekly MA200. This is the blue line on the graph
if we look back to 2014 and 2018 on the weekly graphs it shows that when BTC was able to move back above the weekly MA200 it moved up a minimum of 25% from this location.
What does this mean ?
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This means if BTC is able to close the current weekly candle at around 22087 it will be back above the MA200.
This could then set up a 25% move up to the 25/27k area .
What if BTC cant close the week above the MA200 at 22087?
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Then there could be another attempt to reach the MA200 next week. Followed by more downside if this second attempt fails
if we look back to 2014 and 2018 on the weekly graphs it shows that when BTC was able to move back above the weekly MA200 it moved up a minimum of 25% from this location.
What does this mean ?
---------------------------------------
This means if BTC is able to close the current weekly candle at around 22087 it will be back above the MA200.
This could then set up a 25% move up to the 25/27k area .
What if BTC cant close the week above the MA200 at 22087?
========================
Then there could be another attempt to reach the MA200 next week. Followed by more downside if this second attempt fails
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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.