I am not a fan of moving average because it can be easily influenced by large price movements and in a volatile market it isn't so useful. However they can tell us something about the past.
At the moment the moving average is saying that the market is moving up on average but with a huge sell much below the high.
This is a dramatic situation. The market is moving up without any support price.
Of course the events influence the BTC price and so they did recently. Anyway the events aren't good to be taken into account when commenting a trend. They must be removed.
If we remove those events that caused a huge sell we can clearly see (red line) a downward trend.
What is the bottom of this downward trend?
Hard to say. However I would recommend that you watch the blue line 6.200 support level.
I believe this is the bottom of this downward trend.
Of course you can do your own research and try to figure out what is good to you...but to me one thing is sure, cheap BTC are coming soon. Don't waste your money in this bloodbath.
This is not an investment advice, invest only what you can afford to lose and remember that your life goes beyond Bitcoin...
Enjoy your weekend.
At the moment the moving average is saying that the market is moving up on average but with a huge sell much below the high.
This is a dramatic situation. The market is moving up without any support price.
Of course the events influence the BTC price and so they did recently. Anyway the events aren't good to be taken into account when commenting a trend. They must be removed.
If we remove those events that caused a huge sell we can clearly see (red line) a downward trend.
What is the bottom of this downward trend?
Hard to say. However I would recommend that you watch the blue line 6.200 support level.
I believe this is the bottom of this downward trend.
Of course you can do your own research and try to figure out what is good to you...but to me one thing is sure, cheap BTC are coming soon. Don't waste your money in this bloodbath.
This is not an investment advice, invest only what you can afford to lose and remember that your life goes beyond Bitcoin...
Enjoy your weekend.
Downward movements at the weekend are expected. 4h green candle above this level isn't coming anyhow.