Bitcoin broke out downwards through 42k. It looks like daily close will be below the 200d MA so right now I'm looking at the next heavy support between 30-35k and also at the 50W ma.
It has been a rough week but this could be very bullish news. The hashribbon is very close to flashing BUY. Last time this happend we had a big price increasement so I will wait for this to happen.
It has been a rough week but this could be very bullish news. The hashribbon is very close to flashing BUY. Last time this happend we had a big price increasement so I will wait for this to happen.
Comment:
200D MA is now acting as resistance @40k
Comment:
Bitcoin is currently consolidating between 42K and 32K.
Bearish scenario: We break through key support level of 32-33k and 30k wich results into a new drop towards 20-25K
Bullish scenario: We go boringly sideways until we go back above the 200D ma
Personal opinion: Fear and greed index super low aswell. This can indicate that this is the bottom of the recent dump. We also have never seen a retest of the previous bullrun All-Time-High this far into a cycle.
(Both scenarios I'm completely fine with because I'm using a longterm DCA strategy. I highly recommend this. Especially if you felt very emotional during the recent dump)
Bearish scenario: We break through key support level of 32-33k and 30k wich results into a new drop towards 20-25K
Bullish scenario: We go boringly sideways until we go back above the 200D ma
Personal opinion: Fear and greed index super low aswell. This can indicate that this is the bottom of the recent dump. We also have never seen a retest of the previous bullrun All-Time-High this far into a cycle.
(Both scenarios I'm completely fine with because I'm using a longterm DCA strategy. I highly recommend this. Especially if you felt very emotional during the recent dump)
