BTC/USD (Testing Monthly Support Area)

💎Technical Analysis Summary💎


BTC/USD

-Two consecutive red monthly candles for Bitcoin as the major support area are being tested
-Though we can see a buying movement by the bulls around 25k dollars pushing the price up almost 20%
-But we still have 17 days left before this monthly candle closes so we can still expect a lot of volatilities
-As the bears continue in control, we can see the monthly 50-MA is approaching the price
-This can signal to long term buyers to get ready because of how the price respected this MA since 2015
-If the bearish price action will persist in the next few months then a potential retest of the previous ATH at 20k
-If that happens, we can see the 50-MA will coincide with the previous ATH price level and again, can trigger a good buy for others
-These are only potential scenarios, a lot of things can go wrong, especially with the global crisis
-So please, always manage your risk and do not allocate more than you can't afford to lose



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