Here's what will happen if BTC closes below weekly MA200
So BTC saw a giant sell-off amid the global crisis.
All asset classes are being totally hammered. And since crypto is unfortunately not as many hoped inversely correlated to the stock market, it drags crypto down.
Now it is really important that the weekly BTC candle closes at or above the weekly MA200. Then, with the coming halving we have a chance to still see new highs in 2021.
If however the weekly closes below the MA200, it will fall to 1200, the old all time high support. Similar as it did in 2014-2015.
We shall see. It really depends also a lot on macro-economic events and on the duration of the global crisis, and thus if this will unfold into a recession.
Let's see. Be prepared. If BTC should really revisit those lows: Cheap coins, hehe.
All asset classes are being totally hammered. And since crypto is unfortunately not as many hoped inversely correlated to the stock market, it drags crypto down.
Now it is really important that the weekly BTC candle closes at or above the weekly MA200. Then, with the coming halving we have a chance to still see new highs in 2021.
If however the weekly closes below the MA200, it will fall to 1200, the old all time high support. Similar as it did in 2014-2015.
We shall see. It really depends also a lot on macro-economic events and on the duration of the global crisis, and thus if this will unfold into a recession.
Let's see. Be prepared. If BTC should really revisit those lows: Cheap coins, hehe.
Comment:
Bitcoin has chosen. It will follow the red line, as much as I hate to say it. At least it will be a good buying opportunity. But we will need a lot of patience in the next years. A LOT!