If price does not hold above the 20 MA we need to be forward thinking and consider how low can bitcoin go?
When bitcoin broke 1.4k last year and made a new All time High we have no looked back and have not had an extended period of consolidation or retracement. I know that level seems like a distant memory, but it was only 10 months ago. As silly as it sounds as long as we stay above 1.4k in the next 2 years the market is continuing to grow in a healthy manner.
Previous highs often become future support.
We have highs @ 8k, 5k and 3k. These will be the areas I will be most interested in if bitcoin continues down.
The move in 2014 we first got the Red fast crossing down the blue medium a few months after the high and then a turnover to bearish with the slow line on top in september Which ended up being a 2 year bear market
The move in 2014 we first got the Red crossing down the blue a few months after the high and then a turnover to bearish with the slow line on top in september Which ended up being a 2 year bear market
-> lower end of the BB-channel extrapolated (dotted line)
-> a symmetrical downtrend channel added (negative sym to november rally)
-> worst case could be 2.6k by 19th of Feb (if superpanic breaks out, when 8k/6k/4k ain't holding anymore)
-> less worst cases are on the blue dotted lines, can be up to 9k by May/Jun/July.