the 20 MA has been an important support on the weekly chart with 3 tags.
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.
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20 MA is broken. First target for support is the ~8k which is widely predicted
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Updated to Daily view and tweaked MA accordingly.
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Taking the same setup with simple MA 125, 200, 400 on the daily , lets look back at the 2013-2014 parabolic moves... in the 2013 move the fast red line crossed over the medium blue line but they stayed kissed and above the slow yellow line and then we had another parabolic move a few months later. They never crossed bearish.
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
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Check out these MAs in 2013-2014 parabolic moves... in the 2013 move the Red line Kissed the blue and then we had another parabolic move. They never crossed bearish.
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
@bricoleurs, Yeah we tagged a little lower than ~8k but it looks like we should hold this are for now.
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@TheChasm, just for fun: weekly BTCUSD with standard Bollinger Bands
-> 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.