SCARY SIGNAL ON THE WEEKLY CHART! 50% PRICE DROP?!?!?
We have been in the middle of the most bullish rally bitcoin has ever scene in its' lifetime. With great euphoria, comes great uncertainty. Look at the weekly moving average. Through out bitcoins life, it has always come back to test the moving average before moving higher—with some of the most significant drops being around 30%. Currently the weekly moving average is 50% of bitcoin current price which is very scary to me. Could we see a retest and drop from $32,000 all the way back down to $16,000? I am willing to admit that this rally is probably not over, and we could continue higher up towards $40,000. However, the same question still remains—When will bitcoin retest the moving average???
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