Based on prior retracements from ATH, $BTC has already reached the depths of the prior summer lows, retracing by 50% since the ATH of 69k.
We are now reaching a point of confluence where the 100W moving average is approaching the support line connecting the summer low with the January low of 33k.
While March is historically a negative month, April is historically a bullish month, so if we lose the current 38.5k local support, and trend down further reach the point of confluence by 28th March, we will hit the support line at 34k; this would also meet with the 100W moving average and potentially be a local bottom...
Should 34k and the long term support line fail, we could see significant further downside to 20k representing a further 38.5% decline, to reach the next major area of support on the long term VPVR.
Let's hope that March/April will finally answer the question of whether 33k was in fact the bottom before the next ATH, or whether more pain is still to come!
We are now reaching a point of confluence where the 100W moving average is approaching the support line connecting the summer low with the January low of 33k.
While March is historically a negative month, April is historically a bullish month, so if we lose the current 38.5k local support, and trend down further reach the point of confluence by 28th March, we will hit the support line at 34k; this would also meet with the 100W moving average and potentially be a local bottom...
Should 34k and the long term support line fail, we could see significant further downside to 20k representing a further 38.5% decline, to reach the next major area of support on the long term VPVR.
Let's hope that March/April will finally answer the question of whether 33k was in fact the bottom before the next ATH, or whether more pain is still to come!