The 50W MA has served as support/resistance throughout both bull markets and bear markets. Bitcoin has now notched several weekly closes under the 50W MA which was previously held as support for most of 2021. With all 3 indices still under the 200 DMA, DXY breaking out, and a bearish MACD cross on the monthly TF, I'm leaning bearish on BTC .
28k today is the equivalent to 6k in 2018. If 28k breaks, there's not much stopping bitcoin from teleporting down to 20-22k.
28k today is the equivalent to 6k in 2018. If 28k breaks, there's not much stopping bitcoin from teleporting down to 20-22k.
Note
Weekly close will be interesting
Note
Not a bullish weekly close for NDX which bitcoin is correlated too
Note
Weekly Money Flow on BTC has dipped into the red for the first time since December 2019.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.