On the daily chart, we can clearly see that bitcoin has been using the MA50 as a dynamic support and resistance. A few years of data tells us that when bitcoin breaks to the upside decisively, we should go long. When it breaks down, we must go short. Bitcoin always retests the MA50. Considering the numerous bearish signs as outlined in my previous analyses and by others, we should expect bitcoin to retest the MA50 soon. When bitcoin retests the MA50 it almost always results in a considerable bounce.
Conclusion:
Bitcoin will likely soon retest the MA50 - which currently is at around $14000 - when it does touch the MA50, it may be lower than now. Significantly, there are major support lines in the areas of the MA50.
I expect a significant bounce when bitcoin hits the MA50.
Conclusion:
Bitcoin will likely soon retest the MA50 - which currently is at around $14000 - when it does touch the MA50, it may be lower than now. Significantly, there are major support lines in the areas of the MA50.
I expect a significant bounce when bitcoin hits the MA50.
Comment:
MA100! typo