So here you can see in the last 550 days of Bitcoin on a 4hr chart the significance of the 350 and 700 MA and the times those lines acted as support and resistance.
A total of 13 times and usually when that happened it was followed by a move of a minimum of 15%.
As of the way it stands right now we just went below the 350 MA and confirmed it as resistance.
It presents a very good risk management level of 9400. If we break above it it would confirm it as a trap and we could skyrocket from there, but as it stands I believe the likeyhood of a facemelting (as Eric Krown would say) move to the downside has higher chances to happen.
Typically we hang out for a while in that area after its broken, so it could take a week before BTC shows its next hand, but soon there will be some drama!
If we do start dropping there will be a rally most likely around the 8200 level, but I do not expect it to hold.
A total of 13 times and usually when that happened it was followed by a move of a minimum of 15%.
As of the way it stands right now we just went below the 350 MA and confirmed it as resistance.
It presents a very good risk management level of 9400. If we break above it it would confirm it as a trap and we could skyrocket from there, but as it stands I believe the likeyhood of a facemelting (as Eric Krown would say) move to the downside has higher chances to happen.
Typically we hang out for a while in that area after its broken, so it could take a week before BTC shows its next hand, but soon there will be some drama!
If we do start dropping there will be a rally most likely around the 8200 level, but I do not expect it to hold.