Bitcoin is Holding on His 200 Daily sma, What Does This Mean

So BTC is holding, again, on one of his most popular moving average, the 200 daily sma. What does this mean... Well if we take example on the two last time it happened (on the 50 sma and after on the 100 sma) we should excpect a huge drop. Generally, when the price drop and do a quick touch on his moving average and then bounce and don't come back, that's a sign of a quick healthy correction and then a prolongation of the bull run. But when the price hold on his moving average for a while and put pressure on it, it's really bearish... And this is what we are starting to see with Bitcoin right now. So what to expect exactly ? If BTC doesn't bounce quickly and break the 50 daily sma, it's likely to drop hard... But we could see a hold on the 200 daily sma for days before it happen.

Stay tuned for more updates,

Fred