BTC Finally Closes Below Its 200-Week MA - What's Next?
The BTC price has never reached a close below its 200-week MA (having come close on January and August 2015). The current weekly close is below the MA, albeit only incrementally. If we assume that the price fails to clearly reclaim it, it is likely to go down from here.
The white dotted lines outline the current range of $4200-$600, while the black lines outlined the next possible range, found at $1700-$3300. The scenario that I am expecting to play out is a touch of the bottom at the range at $4200, followed by an upward move to validate the range high and the 200-week MA.
In the alternative scenario, in which the price immediately decreases below the $4000 low, it is likely to trade within the second range, possibly creating a double bottom.
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The white dotted lines outline the current range of $4200-$600, while the black lines outlined the next possible range, found at $1700-$3300. The scenario that I am expecting to play out is a touch of the bottom at the range at $4200, followed by an upward move to validate the range high and the 200-week MA.
In the alternative scenario, in which the price immediately decreases below the $4000 low, it is likely to trade within the second range, possibly creating a double bottom.
Please leave a LIKE if you enjoyed the idea.