With BTC retracing from its recent gains back to $22.9k it has found a critical support level in both Price and in the RSI.
So, if BTC breaks below $22,875, should we expect a fall back to the $17k handle?
I note a similar setup exists in ETH.
- RSI - You will note that at every occurrence in this bear market where the indicated support level was broken or was confirmed as resistance, price gave up all recent gains and often found new lows.
- Moving Averages - The 1W 200MA has converged with the 1D 12MA and is providing support at the moment. On every occasion during this bear market, when price has broken below the 1D 12MA following an upward consolidation, all gains were lost. The 1W 200MA has only been broken twice before in the history of BTC, in both instances (June 13 2022 and March 20 2020) price fell to find support at the 1W 300MA (currently at $17.7k)
So, if BTC breaks below $22,875, should we expect a fall back to the $17k handle?
I note a similar setup exists in ETH.
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