Bitcoin Crucial Support For Long-Term Sentiment Update
If you guys have followed our recent content, we have been following the Bitcoin price action ever since we called the initial drop from $10,000 levels. If you view out previous TradingView posts, we have mentioned that during our most recent Bitcoin research , we were arguing the fact that Bitcoin was in undervalued territores, but the technicals should not be ignored.
As previously stated, BTC has only rejected the 100 MA one other time in 5 years which resulted in a large drop. That's why we have been assessing the current levels so heavily, due to the fact BTC is flirting with the 100 MA. If you didnt agree with us initially, hopefully now you can see how strong this support level is as its been playing around with it for a while now.
A few prices emerge - if BTC rejects that 100Ma, you will start to see people arguing the 5,000 test from a long-term standpoint and you could be seeing a bear market formulate at that point. On the flip-side if bitcoin can bounce of these levels and retest $10,000, you can then argue a new bull trend has emerged. We would argue a rally to $12,000+ levels would emerge. It's hard for us to believe BTC is starting a bear trend based on our recent fundamental report, but again we all know anything can happen in Crypto world... Stay tuned and best of luck!
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
As previously stated, BTC has only rejected the 100 MA one other time in 5 years which resulted in a large drop. That's why we have been assessing the current levels so heavily, due to the fact BTC is flirting with the 100 MA. If you didnt agree with us initially, hopefully now you can see how strong this support level is as its been playing around with it for a while now.
A few prices emerge - if BTC rejects that 100Ma, you will start to see people arguing the 5,000 test from a long-term standpoint and you could be seeing a bear market formulate at that point. On the flip-side if bitcoin can bounce of these levels and retest $10,000, you can then argue a new bull trend has emerged. We would argue a rally to $12,000+ levels would emerge. It's hard for us to believe BTC is starting a bear trend based on our recent fundamental report, but again we all know anything can happen in Crypto world... Stay tuned and best of luck!
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.
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