A bloody day for Bitcoin. It looks like we didnt hold the BMSB (bullmarket support band). We should at least weekly close ABOVE the 50MA. Very important!!
So, are you speculating that BTC will close about the 50 day moving average, or are you insinuating that if it closes below it, the price will most likely continue to drop?
@ethangecele at this point i don't have a strong opinion about if it will close above or below it. I do think its a very important support. But yes, if we close below, the chance is high that we keep dropping.
ethangecele
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@FibonacciTheGreat, it would probably be the smarter option not to make any predictions at this point in time. I’m glad you clarified that, and I do agree with you. If the price closed above the bull market that would most likely spare the market from continuing price drops for the moment. Though personally I doubt that it will hold.
FibonacciTheGreat
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@ethangecele the BMSB wont hold probably. Hope the 50WMA will.