AlanSantana

Bitcoin Weekly | MA Analysis Points To $24,000 and $27,000+

Long
BITFINEX:BTCUSD   Bitcoin
For the first time in its history Bitcoin is trading below MA200.
Bitcoin has never traded below this level since its inception until the year 2022.

MA200 normally marks the bottom of the bear market.

Let's look at it from a different perspective.

You know how a resistance level needs to be tested as support once conquered before any additional growth can happen on a crypto pair/chart?

This surely also works the other way around.

A support level, specially a strong/historical one, needs to be tested as resistance before any additional bleeding can take place.

This is another signal in favor of my predictions, Bitcoin relief rally...
Feel free to boost and comment, let's continue!

As MA200 was lost in June 2022, it was quickly tested as resistance in July/August and it held, sending Bitcoin (BTCUSD) to a lower low.

The lower low took place early November, followed by two Dojis, indecision/reversal candles and this week we have early signals pushing prices up.

The next easy target is set at $18,290 or EMA10.
There is another resistance level in the range of $20,750/$21,2450 but this is not what we are looking for.

MA200 is next sitting at $24,150 and we see Bitcoin easy moving back up to test this level, or even higher, on the next bullish jump.

We continue to see bad news across the market.
We have options expiriing yet Bitcoin remains stable, no new lows.

EMA50 hasn't been tested as resistance since March, so Bitcoin can even go beyond 21,000 or 24,000 and hit $27,000 on the next jump.

That's what I see coming from this chart.

Thank you for reading.
Happy Sunday.

Thanks for the support.

Namaste.

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