Food For Thought: $Bitcoin 200-Week MA
The 200-Week MA is a topic that has been circulating in CT, and I will give you my thoughts on it and what this could mean for $BTC.
With the current levels, I have marked in my chart that $7,726 - $7,176 is the level you have to stay above for the monthly time frame. The box is your line in the sand for any future to be seen for Bitcoin. Any monthly close below these prices, Bitcoin will drastically fall to $1190. If we stay above this box, there is the possibility that Bitcoin is not dead, and we will see new all-time highs.
Bitcoin has closed firmly below the 200-Week MA for the first time in 6 years after trading above it all this time. The only way for Bitcoin to be saved is if we get multiple weekly closes above the 200-Week MA. If we cannot do so, there is a high possibility that we will be in a bear market for five years or more until we get to my highlighted box.
I am fully aware of Bitcoin and the purpose of the technology. The idea of Bitcoin dates back to 1871, through the Austrian School of economics described as a theory. But, you can not discount the fact that Bitcoin can fail. With any investment, there is a possibility it can fail.
This scenario is what makes sense to me, and you should not ignore any possibility. Price is never random.
"Nothing endures but change."
The 200-Week MA is a topic that has been circulating in CT, and I will give you my thoughts on it and what this could mean for $BTC.
With the current levels, I have marked in my chart that $7,726 - $7,176 is the level you have to stay above for the monthly time frame. The box is your line in the sand for any future to be seen for Bitcoin. Any monthly close below these prices, Bitcoin will drastically fall to $1190. If we stay above this box, there is the possibility that Bitcoin is not dead, and we will see new all-time highs.
Bitcoin has closed firmly below the 200-Week MA for the first time in 6 years after trading above it all this time. The only way for Bitcoin to be saved is if we get multiple weekly closes above the 200-Week MA. If we cannot do so, there is a high possibility that we will be in a bear market for five years or more until we get to my highlighted box.
I am fully aware of Bitcoin and the purpose of the technology. The idea of Bitcoin dates back to 1871, through the Austrian School of economics described as a theory. But, you can not discount the fact that Bitcoin can fail. With any investment, there is a possibility it can fail.
This scenario is what makes sense to me, and you should not ignore any possibility. Price is never random.
"Nothing endures but change."