BTC Monthly about to close below 12MA
The monthly candle closes tomorrow. A close below the 12MA (a near certainty) signals that this bear market is likely to continue for awhile, and until sentiment shifts the best we can hope for are relief bounces and/or a rally to retest it as resistance. You can see how strong the 12MA has been for support/resistance over time.
Due to the oversold levels of coins, I do think that we will see a possible rally in July. If so, keep an eye on both the Monthly 12MA and Weekly 50MA as rejection points.
If the bleeding continues, the next major bounce point is the Weekly 100MA.
Due to the oversold levels of coins, I do think that we will see a possible rally in July. If so, keep an eye on both the Monthly 12MA and Weekly 50MA as rejection points.
If the bleeding continues, the next major bounce point is the Weekly 100MA.
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