HAS BITCOIN REALLY BOTTOMED OUT ?? or More blood is still left
taking the moving averages into the account
we HAD our weekly close below 200 weekly ema (PINK line near 4200 ) on the very FIRST test almost after 3 years, so yes this shows too much weakness and its too much bearish thing BUT its hard for me to believe that BTC will bottom out at 200 ema line because this 200ema line consists much more data of the parabolic move than the normal move ,
next we have our 200 weekly SMA (RED LINE near 3150) ,, so yes we have some nice horizontal support near that 3k level ,, and yes we do have a big chance that we may get a nice bounce from that near 3k level to test those 3.7k then 4.2 - 4.6k levels
the more sideways below 4k the higher the chance of drop
since this weekly candle has opened below 200ema line and if this closes below 200ema again meaning both opening and closing below 200 ema ,, i can say that 3k level will become like a magnet or we may see the dump to that level before the weekly close too
OKAY SOME BULLISH SCENARIO too
A 4hour candle close above the 4k WITH A GOOD VOLUME will be the first sign of strength
if bulls make a fast move up again from that 4k without spending much time at that 4k , next target will be near 4.4 - 4.6k
we HAD our weekly close below 200 weekly ema (PINK line near 4200 ) on the very FIRST test almost after 3 years, so yes this shows too much weakness and its too much bearish thing BUT its hard for me to believe that BTC will bottom out at 200 ema line because this 200ema line consists much more data of the parabolic move than the normal move ,
next we have our 200 weekly SMA (RED LINE near 3150) ,, so yes we have some nice horizontal support near that 3k level ,, and yes we do have a big chance that we may get a nice bounce from that near 3k level to test those 3.7k then 4.2 - 4.6k levels
the more sideways below 4k the higher the chance of drop
since this weekly candle has opened below 200ema line and if this closes below 200ema again meaning both opening and closing below 200 ema ,, i can say that 3k level will become like a magnet or we may see the dump to that level before the weekly close too
OKAY SOME BULLISH SCENARIO too
A 4hour candle close above the 4k WITH A GOOD VOLUME will be the first sign of strength
if bulls make a fast move up again from that 4k without spending much time at that 4k , next target will be near 4.4 - 4.6k
that monthly 55 ema (yellow line ) , near 3700 ,, if monthly closes below 3700 ,, it could be a signal for even a larger drop ,, because generally a monthly close below 21 monthly ema (orange line) is a big signal of bear market ,, and monthly close below 55 ema has even created a larger drop in most of the common stocks to assets