BTC is about to close a second weekly candle under the 50MA (in yellow) after testing it as resistance.
This is a major bearish signal not seen since 2018.
Moreover, the weekly OBV indicator fell under the moving averages... just like in 2018...
Maybe the 100MA in green could hold as support, but I am not optimistic.
The true support to date, looking at the past was always around the 200MA in blue which is just above 20k right now.
Buying around that area (or DCA as price approaches the 200MA) is probably your best bet in this cycle.
Bias is bearish on this price action and indicators. I would not flip bullish until the 50MA is turned into support again.
Until then... hold your cash, you may need it later.
Like and follow if you liked my idea!
This is a major bearish signal not seen since 2018.
Moreover, the weekly OBV indicator fell under the moving averages... just like in 2018...
Maybe the 100MA in green could hold as support, but I am not optimistic.
The true support to date, looking at the past was always around the 200MA in blue which is just above 20k right now.
Buying around that area (or DCA as price approaches the 200MA) is probably your best bet in this cycle.
Bias is bearish on this price action and indicators. I would not flip bullish until the 50MA is turned into support again.
Until then... hold your cash, you may need it later.
Like and follow if you liked my idea!
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