Bitcoin: Falling towards 45k? Or is now the time to buy?
BTCUSDT broke three trends in the last 7 days. The closest horizontal support I see at $ 45,000 (-10% from here) but not all is lost.
There is a good bounce happening that may allow us to make a third trend reclaim, plus we are bouncing off the 100MA and 100EMA at $49,500.
We can see that in the previous market cycle of 2017, the 50 Day MA acted at least 6 times as excellent support, but when it failed, the 100MA stopped the dip in most cases.
I believe that if the price returns and closes daily above the trend and above the 100MA and EMA ($ 50,500), there may be another solid bullrun without serious consequences. If instead there is no strong bounce and we close the daily below $ 49,000, I think the only option would be to fall to $ 45,000.
BTCUP also supports this idea as seen below.
There is a good bounce happening that may allow us to make a third trend reclaim, plus we are bouncing off the 100MA and 100EMA at $49,500.
We can see that in the previous market cycle of 2017, the 50 Day MA acted at least 6 times as excellent support, but when it failed, the 100MA stopped the dip in most cases.
I believe that if the price returns and closes daily above the trend and above the 100MA and EMA ($ 50,500), there may be another solid bullrun without serious consequences. If instead there is no strong bounce and we close the daily below $ 49,000, I think the only option would be to fall to $ 45,000.
BTCUP also supports this idea as seen below.
Comment:
Nice rejection for the second time to the 3rd trendline!