HAPPY JULY 4th with BITCOIN hitting the 1D MA200 after 9 months!

4. JuliHappy July 4th everyone! A little break from the traditional stock markets but not for crypto. Bitcoin (BTCUSD) in particular, just hit and broke below its 1D MA200 (orange trend-line) for the first time in almost 9 months (October 16 2023)!

Naturally this is a very strong long-term Support level and it is even more obvious on this 1D chart, where BTC's current consolidation is similar to the one from mid- April 2023 to mid-July 2023 (blue Rectangle).

With the long-term pattern being a Fibonacci Channel Up and the 1D MACD forming a sequence similar to the bottom formation that started on August 27 2023, Bitcoin is most likely entering the long-term Support Zone.

The ultimate Support level is the 1W MA50 (red trend-line) but we expect to come close to that not straight away vertically but in the next month while the price might trade sideways in similar fashion to September 2023.

In any case, since the November 2022 market bottom, this kind of distance from the 1D MA50 (blue trend-line), has been the most optimal buy entry and including the current one, we've only had 4 such opportunities.

But what do you think? Is this the right opportunity to buy heavily again on Bitcoin? Feel free to let us know in the comments section below!

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