Bitcoin holds the 200 weekly SMA
The 200 weekly SMA has held again in a bear market decline. The 2.618 fib circle held as support in this bear market same as it did in the 2014-15 bear market (capitulation candle wick in Jan 2015). A double bottom was put in around $3200 price level which was also the 200 weekly SMA.
Strikingly similar to the previous bear market Bitcoin crashed through the 78.6 retracement and bounced right at the lower green shaded pitchfork around $160 in Jan ’15. If you look at the low earlier this year it is right at the 2.618 fib circle which coincides with the low in 2015 fib circle capitulation wick as mentioned.
The key for the bullish case long term Is for the 200 weekly SMA to hold as support. It was the line in the sand last bear market and same for this one. If you believe Bitcoin trades in cycles and past price action has a chance to duplicate itself again with improving fundamental and technical aspects pushing price higher the blue line represents price action from the $200 level lows in 2015 to the bull market top at $20,000 in 2017.
Past performance does not guarantee future results. This is not a solicitation to buy or sell Bitcoin or any other crypto asset. Any market carries significant risk and Information is for educational purposes only
Strikingly similar to the previous bear market Bitcoin crashed through the 78.6 retracement and bounced right at the lower green shaded pitchfork around $160 in Jan ’15. If you look at the low earlier this year it is right at the 2.618 fib circle which coincides with the low in 2015 fib circle capitulation wick as mentioned.
The key for the bullish case long term Is for the 200 weekly SMA to hold as support. It was the line in the sand last bear market and same for this one. If you believe Bitcoin trades in cycles and past price action has a chance to duplicate itself again with improving fundamental and technical aspects pushing price higher the blue line represents price action from the $200 level lows in 2015 to the bull market top at $20,000 in 2017.
Past performance does not guarantee future results. This is not a solicitation to buy or sell Bitcoin or any other crypto asset. Any market carries significant risk and Information is for educational purposes only
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