In this chart I look at some basic overlays to the BTC chart; a Fibonacci channel, the Simple Moving Averages (SMAs) and the untested support level at $12k.
I note the 1W 300MA is now above the prior low, which means price will have to break this level to find a new bear market bottom.
1D 50MA is currently the only MA offering support (at $19.6k) and if price falls below that level, all the daily MAs will then be cast as offering resistance against price appreciation. Not really a strong position for Bulls.
Notably, the Fibonacci levels within the parallel channel structure have been well respected throughout this bear market, including where price was rejected at $21.4k just three days ago. I observe that the earliest intersection of the $12k level with the channel levels is around November 25.
What do you think? Will the 1W 300MA offer a floor to the BTC price, or will we make a lower low? If a lower low, then will $12k become confirmed support?
Either way, it would seem that the 1D 50MA has to support the close today for Bulls to have confidence.
I note the 1W 300MA is now above the prior low, which means price will have to break this level to find a new bear market bottom.
1D 50MA is currently the only MA offering support (at $19.6k) and if price falls below that level, all the daily MAs will then be cast as offering resistance against price appreciation. Not really a strong position for Bulls.
Notably, the Fibonacci levels within the parallel channel structure have been well respected throughout this bear market, including where price was rejected at $21.4k just three days ago. I observe that the earliest intersection of the $12k level with the channel levels is around November 25.
What do you think? Will the 1W 300MA offer a floor to the BTC price, or will we make a lower low? If a lower low, then will $12k become confirmed support?
Either way, it would seem that the 1D 50MA has to support the close today for Bulls to have confidence.
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