Bitcoin 3 Posiible Scenerio and what 200 Weekly MA and EMA says?
Bitcoin droped to the 200 Weekly EMA and it acted as the major support and Holding the Bitcoin price, it crashed very hard and what will happen next, Exactly nobody knows!
What the chart says is there are three possible price scenerio may occur;
1. 200 Weekly MA & EMA will continue holding the price above 5,500$(MA) level and 5800$(EMA) then it will make a consolidation phase then a reversal to the upside, now most important thing to watch is how the current Weekly candle closes, if it closes above or between the 200 Weekly MA & EMA and price bounces on the daily candle with high volume then a reversal from 5,800$ can be expected. If it breaks the 200 Weekly MA then point 2.
2. Price will break 200 Weekly MA & EMA and touch the diagonal support line and bounce back from 4,200-4,400$ level respecting the diagonal support line. If BTC couldn't even hold this level then point 3.
3. Bitcoin will make the low of December 2018 low.
For the point 1) This is what happened the same in December 2018 the 200 Weekly Moving Average acted as support and BTC consolideted above 200 Weekly MA for a long while then a strong bullish momentum.
for point 2) In December 2018 technically RSI was in oversold zone between 37 to 29 during the consolidation phase and MACD made a bullish crossover but comparing to that now Bitcoin is not in very oversold zone yet and MACD made a bearsish crossover already near the zero line, that's a sign that bearish momentum will continue and also there another panic sell may occur due to global market crash, recession, selling presure etc.
for point 3) People will panic sell if Bitcoin cannot hold the most important diagonal support line and the price will go down till potential buyer and institutional investor strongly accumulate Bitcoin.
Most likely Bitcoin will make the December 2018 low, this is the main key level where Institutional investor will enter the market,
Bitcoin is still overpriced believe it or not, it is no way a store of value, peolpe who bought Bitcoin at very low price they overhyped it as a store of value and it has limited supply thus why Bitcoin's price will continue increasisng, this is utter rubbish. Look till now how many times Bitcoin got forked. It's easy for the people to HODL who bought it at very low price then they and the big players keep creating the hype of Bitcoin's bull run, store of value etc, etc. so, the big market makers can keep pocket in retail investor's money.
Thank You;
Support me by hitting the like button and following me, share your thoughts on the comment section.
Important : The market will very volatile these days due to global market crash and if a confirmed recession occurs. It will be safe side to stay out of the market if you don't want to lose your equity, especially from the crypto market because it is different than every market, here most of the people come to become rich in short amount of time and gamble like their money like in casino, be aware whom you listen to or whose ideas you see or read, nobody will be responsible for your profit or loss in trading, and even top chartist will end up decreasing your equity. Do your own research and calculation before investing in anything.
What the chart says is there are three possible price scenerio may occur;
1. 200 Weekly MA & EMA will continue holding the price above 5,500$(MA) level and 5800$(EMA) then it will make a consolidation phase then a reversal to the upside, now most important thing to watch is how the current Weekly candle closes, if it closes above or between the 200 Weekly MA & EMA and price bounces on the daily candle with high volume then a reversal from 5,800$ can be expected. If it breaks the 200 Weekly MA then point 2.
2. Price will break 200 Weekly MA & EMA and touch the diagonal support line and bounce back from 4,200-4,400$ level respecting the diagonal support line. If BTC couldn't even hold this level then point 3.
3. Bitcoin will make the low of December 2018 low.
For the point 1) This is what happened the same in December 2018 the 200 Weekly Moving Average acted as support and BTC consolideted above 200 Weekly MA for a long while then a strong bullish momentum.
for point 2) In December 2018 technically RSI was in oversold zone between 37 to 29 during the consolidation phase and MACD made a bullish crossover but comparing to that now Bitcoin is not in very oversold zone yet and MACD made a bearsish crossover already near the zero line, that's a sign that bearish momentum will continue and also there another panic sell may occur due to global market crash, recession, selling presure etc.
for point 3) People will panic sell if Bitcoin cannot hold the most important diagonal support line and the price will go down till potential buyer and institutional investor strongly accumulate Bitcoin.
Most likely Bitcoin will make the December 2018 low, this is the main key level where Institutional investor will enter the market,
Bitcoin is still overpriced believe it or not, it is no way a store of value, peolpe who bought Bitcoin at very low price they overhyped it as a store of value and it has limited supply thus why Bitcoin's price will continue increasisng, this is utter rubbish. Look till now how many times Bitcoin got forked. It's easy for the people to HODL who bought it at very low price then they and the big players keep creating the hype of Bitcoin's bull run, store of value etc, etc. so, the big market makers can keep pocket in retail investor's money.
Thank You;
Support me by hitting the like button and following me, share your thoughts on the comment section.
Important : The market will very volatile these days due to global market crash and if a confirmed recession occurs. It will be safe side to stay out of the market if you don't want to lose your equity, especially from the crypto market because it is different than every market, here most of the people come to become rich in short amount of time and gamble like their money like in casino, be aware whom you listen to or whose ideas you see or read, nobody will be responsible for your profit or loss in trading, and even top chartist will end up decreasing your equity. Do your own research and calculation before investing in anything.