Bitcoin broke below 200 EMA
Updated
Looking at the weekly timeframe of Bitcoin, it looks pretty bad!
Bitcoin is officially below the 200-day moving average, and the last time we saw that was during the Stock Market/Crypto Covid crash in March of 2020.
Also, Bitcoin fell below the $25,755-$27,300 level, so the next support level would be $22,000-$23,000. If somehow and someway Bitcoin falls
below $22,000 level, then Bitcoin's NEXT support level would be $20,000; which is Bitcoin's previous cycle high. Its important to note
that Bitcoin has NEVER re-tested its previous cycle high, so I hope Bitcoin does not fall below the $22,000-$23,000 level. As we head more downside for Bitcoin, expect
alt-coins to bleed even further down.
Bitcoin is officially below the 200-day moving average, and the last time we saw that was during the Stock Market/Crypto Covid crash in March of 2020.
Also, Bitcoin fell below the $25,755-$27,300 level, so the next support level would be $22,000-$23,000. If somehow and someway Bitcoin falls
below $22,000 level, then Bitcoin's NEXT support level would be $20,000; which is Bitcoin's previous cycle high. Its important to note
that Bitcoin has NEVER re-tested its previous cycle high, so I hope Bitcoin does not fall below the $22,000-$23,000 level. As we head more downside for Bitcoin, expect
alt-coins to bleed even further down.
Trade active
So after last week's mess, BTC broke all three support zones that I called, all the way down to $17,000. Bitcoin has also broken the previous all-time high cycle, which was history being made for Bitcoin. Obviously, Bitcoin is now above the trading above the $20,000 support level. I still do expect Bitcoin to reach below the $20,000 levels again. The market sentiment is still fearful due to the recession and inflation fears.
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