I love to draw main channel first, to determine the main trend. We all know BTC had a crazy multiyear rally with huge -80-90% corrections. But still it keeps going up and makes new ATHs after correction was over. And we are having another correction on the way to the next significant number - $100000 per 1 BTC.
Most of the time, as we can see, price has stayed above the middle line. Similarly to 2015 bottom, price is falling below the middle line. And people expect it to find it's bottom somewhere above the Weekly 200MA. It has happend few times in the past.
But what if stock market will have a real bear market first time since 2008-2009. Will BTC decouple from it finally and just move to do it's BTC things? We can call BTC a "tech stock" in some way, and the chances it will follow Nasdaq are quite big in my opinion. So what if BTC will have a multiyear bear market as well? Weekly 200MA will not hold and we will stay below the middle line for some time. I've seen a lot charts and expectations BTC to test 200MA on the weekly chart and then move up only. But there is no guarantee price will hold it, last bull run wasn't really powerful as we expected, 20k ATH was updated at 69k, which is just x3,45. In crypto world it is weak. So maybe multi year rally since 2008 is "tired" and we will go deeper than usual?
Next big support can be Monthly 100MA (Weekly 200MA alsmost equal Monthly 50MA). It sits slightly below 12k at the moment.
If it seems unrealistically - lets see how far it can be from last ATH. Just -82% which is normal in crypto.
At the time we break Weekly 200MA people will be in mega panic mode. And it can be great buying opportunity for the next huge rally to 100k. Of course it's just a theory, but why not? ;)
Most of the time, as we can see, price has stayed above the middle line. Similarly to 2015 bottom, price is falling below the middle line. And people expect it to find it's bottom somewhere above the Weekly 200MA. It has happend few times in the past.
But what if stock market will have a real bear market first time since 2008-2009. Will BTC decouple from it finally and just move to do it's BTC things? We can call BTC a "tech stock" in some way, and the chances it will follow Nasdaq are quite big in my opinion. So what if BTC will have a multiyear bear market as well? Weekly 200MA will not hold and we will stay below the middle line for some time. I've seen a lot charts and expectations BTC to test 200MA on the weekly chart and then move up only. But there is no guarantee price will hold it, last bull run wasn't really powerful as we expected, 20k ATH was updated at 69k, which is just x3,45. In crypto world it is weak. So maybe multi year rally since 2008 is "tired" and we will go deeper than usual?
Next big support can be Monthly 100MA (Weekly 200MA alsmost equal Monthly 50MA). It sits slightly below 12k at the moment.
If it seems unrealistically - lets see how far it can be from last ATH. Just -82% which is normal in crypto.
At the time we break Weekly 200MA people will be in mega panic mode. And it can be great buying opportunity for the next huge rally to 100k. Of course it's just a theory, but why not? ;)
