When the price breaks the 200-day moving average like it did today, sometimes we can learn something by looking at the weekly chart. Right now BTC price is re-testing the weekly SMA(50) and the daily SMA(200) moving averages.
A breakdown against the 200-day is concerning, but more concerning is if the 50-week doesn't hold. The next support is around $18,800 at the weekly SMA(200), which would be a hard pill to swallow.
It hasn't happened yet, but something worth watching.
A breakdown against the 200-day is concerning, but more concerning is if the 50-week doesn't hold. The next support is around $18,800 at the weekly SMA(200), which would be a hard pill to swallow.
It hasn't happened yet, but something worth watching.