There have been a few times in Bitcoin's history when it has dropped to the 200 wma:
week $BLX low 200 wma % of 200 wma
1/19/15 $163.88 $193.48 -15,3
4/20/15 $214.55 $208.92 2.7
6/1/15 $221.22 $215.59 2.6
8/17/15 $198.72 $229.78 -13.5
12/10/18 $3148.33 $3183.30 -1.1
2/4/19 $3354.29 $3321.30 1.0
3/19/20 $3941.21 $5511.12 -28.5
Notes:
1. Only six weeks in Bitcoin's 12 year history on the exchanges has its price approached or gone below the 200 wma.
2. The 2015 dates were the end of the 2014 bear market and the consolidation coming out of that bear market
3. The 2018 date was the end of the 2018 bear market. The 2019 date was the consolidation after the end of the 2018 bear market.
4. The 2020 date was the end of intermediate corrective wave (2) of this bull market and the COVID low which pushed down all markets.
5. Only twice was the weekly close below the 200 wma; in Aug 2015 and Mar 2020.
The market looks bound and determined to approach the 200 wma again at the end of this intermediate corrective wave (4) of this bull market. The 200 wma now for Bitcoin is $21850 and it is rising gradually.
6. There's a couple of ways to approach this market that continually goes down and has since Nov 2021 at $69000. Panic, get out, and hope to get in at a lower price (if you can). Or you can buy, DCA, and HODL through the weeks and months to come and watch the price eventually go up and enter the 5th and most bullish intermediate wave that now looks like it will be sometime in 2023 before it will finish in the $250K to $350K range.
7. I choose the latter by earning interest on BTC, ETH, and other alts for free and riding this out to its eventual bullish end.
week $BLX low 200 wma % of 200 wma
1/19/15 $163.88 $193.48 -15,3
4/20/15 $214.55 $208.92 2.7
6/1/15 $221.22 $215.59 2.6
8/17/15 $198.72 $229.78 -13.5
12/10/18 $3148.33 $3183.30 -1.1
2/4/19 $3354.29 $3321.30 1.0
3/19/20 $3941.21 $5511.12 -28.5
Notes:
1. Only six weeks in Bitcoin's 12 year history on the exchanges has its price approached or gone below the 200 wma.
2. The 2015 dates were the end of the 2014 bear market and the consolidation coming out of that bear market
3. The 2018 date was the end of the 2018 bear market. The 2019 date was the consolidation after the end of the 2018 bear market.
4. The 2020 date was the end of intermediate corrective wave (2) of this bull market and the COVID low which pushed down all markets.
5. Only twice was the weekly close below the 200 wma; in Aug 2015 and Mar 2020.
The market looks bound and determined to approach the 200 wma again at the end of this intermediate corrective wave (4) of this bull market. The 200 wma now for Bitcoin is $21850 and it is rising gradually.
6. There's a couple of ways to approach this market that continually goes down and has since Nov 2021 at $69000. Panic, get out, and hope to get in at a lower price (if you can). Or you can buy, DCA, and HODL through the weeks and months to come and watch the price eventually go up and enter the 5th and most bullish intermediate wave that now looks like it will be sometime in 2023 before it will finish in the $250K to $350K range.
7. I choose the latter by earning interest on BTC, ETH, and other alts for free and riding this out to its eventual bullish end.