Hi Traders, Investors & Gamblers 😃
I hope everyone is doing great this wednesday morning!
A quick update after the expected loss of the previous support level for Bitcoin, once again I want to point out a very logical next support level and potential bottom scenario for Bitcoin.
The 200 week SMA the most logical target for Bitcoin on a weekly closing basis all along. I've been talking about it here on @TradingView since at least February.
Daily Chart:
Support & Resistance Levels
We have now reached a very strong support area for BTC coming from the range that Bitcoin has beentrading in in Winter 2020.
I will go through all the indicators that lead me to call these current lows for Bitcoin in the beginning of the year already.
Weekly Chart:
200 Week SMA & Falling Wedge:
As mentioned yesterday, THE bullish scenario! Wick below the support and finish the week above the wedge support and 200w SMA
2017 $20k ATH:
Right in the middle of major moving averages and Fibonacci levels we have the historic ATH from 2018.
Monthly Charts:
200 Week SMA, 50 Month SMA:
Pay attentio to the red circle, in the one instance where we touched the 200 week SMA but not the 50 month SMA we ended up falling short of a new ATH until we came back downand touched both moving averages.
Fibonacci Retracement:
The "Absolute Bottom" could lay around the.786 for BTC since we lost the .618 it would be logical to continue down to the next Fib. level and find a bounce there. As we know we have never closed a weekly candle below the 200week SMA and 50 Month SMA, but we have wicked way below on various ocasions with the last being in March 2020.
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
I hope everyone is doing great this wednesday morning!
A quick update after the expected loss of the previous support level for Bitcoin, once again I want to point out a very logical next support level and potential bottom scenario for Bitcoin.
The 200 week SMA the most logical target for Bitcoin on a weekly closing basis all along. I've been talking about it here on @TradingView since at least February.
Daily Chart:
Support & Resistance Levels
We have now reached a very strong support area for BTC coming from the range that Bitcoin has beentrading in in Winter 2020.
I will go through all the indicators that lead me to call these current lows for Bitcoin in the beginning of the year already.
Weekly Chart:
200 Week SMA & Falling Wedge:
As mentioned yesterday, THE bullish scenario! Wick below the support and finish the week above the wedge support and 200w SMA
Right in the middle of major moving averages and Fibonacci levels we have the historic ATH from 2018.
Monthly Charts:
200 Week SMA, 50 Month SMA:
Pay attentio to the red circle, in the one instance where we touched the 200 week SMA but not the 50 month SMA we ended up falling short of a new ATH until we came back downand touched both moving averages.
Fibonacci Retracement:
The "Absolute Bottom" could lay around the.786 for BTC since we lost the .618 it would be logical to continue down to the next Fib. level and find a bounce there. As we know we have never closed a weekly candle below the 200week SMA and 50 Month SMA, but we have wicked way below on various ocasions with the last being in March 2020.
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
