X32-3Hi-kPL-8Z0

Channel bounce meeting the 200 DMA

COINBASE:BTCUSD   Bitcoin / Dollar
Hello friends, we are at a crossroads here. I am sure everyone is well aware of the giant correction by now and are all wondering how low we can go. In my previous chart highlighting the CME entering the trade posted on Dec 8th, I circled the 200 DMA as a likely target. Fast forward to Feb and here we are. The 200 DMA is a MASSIVE technical level which a lot of professionals will be monitoring and buying. We can bounce pretty hard at the 200 but also need to break out of the trading channel resistance for a bull run to be taken seriously. If it gets rejected we will head back down to test channel support again. I would say that we are officially entered into a bear market if that support fails and we close below it on strength.
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