The dashed green line is the support line for BTC as of the last two years. The break in this support line suggests a violent move to the downside could be on the horizon for Bitcoin. As long as we observe continued selling pressure on BTC from worried investors due to rate increases and a more hawkish fed we will see a sharp decline in price down to 31k then to 20k. Monthly MACD confirms this thesis with a bearish cross that signals a decline in BTC momentum.
