Bitcoin Crucial Support For Long-Term Sentiment Update

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
If you guys have followed our recent content, we have been following the Bitcoin price action ever since we called the initial drop from $10,000 levels. If you view out previous TradingView posts, we have mentioned that during our most recent Bitcoin research , we were arguing the fact that Bitcoin was in undervalued territores, but the technicals should not be ignored.

As previously stated, BTC has only rejected the 100 MA one other time in 5 years which resulted in a large drop . That's why we have been assessing the current levels so heavily, due to the fact BTC is flirting with the 100 MA. If you didnt agree with us initially, hopefully now you can see how strong this support level is as its been playing around with it for a while now.

A few prices emerge - if BTC rejects that 100Ma, you will start to see people arguing the 5,000 test from a long-term standpoint and you could be seeing a bear market formulate at that point. On the flip-side if bitcoin can bounce of these levels and retest $10,000, you can then argue a new bull trend has emerged. We would argue a rally to $12,000+ levels would emerge. It's hard for us to believe BTC is starting a bear trend based on our recent fundamental report, but again we all know anything can happen in Crypto world... Stay tuned and best of luck!

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