BTC - Must produce a heck of a bullish candle to get past 22000
BTC is going to have to prduce one heck of a bullish candle to get past 22000 .
Why ?
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Because a look at the monthly chart shows that
the 50 moving average sits at this 22000 and is going to act as resistance .
To clear this resistance BTC is going to produce a large bullish candle and move to around the 24k to 25k level .
Why ?
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Because a look at the monthly chart shows that
the 50 moving average sits at this 22000 and is going to act as resistance .
To clear this resistance BTC is going to produce a large bullish candle and move to around the 24k to 25k level .
Comment:
moving to the weekly chart shows the MA200 also sits at this location at the 22500 level and will also act as resistance
Comment:
moving closer to home and looking at the Daily chart shows BTC is forming a double bottom which has a target around the 25000 area .
Incidentally 25000 is also where the MA50 (yellow line ) sits on the daily chart .
This leads me to believe that if BTC moves up it will move as far as 25000 and then come back down to retest the 22000 area .
Incidentally 25000 is also where the MA50 (yellow line ) sits on the daily chart .
This leads me to believe that if BTC moves up it will move as far as 25000 and then come back down to retest the 22000 area .
Comment:
On the bearish side if BTC is unable to even make it as far as 22500 then id expect a move lower to the 16K area
Comment:
Either-way after an almost 80% drop this is a good location to open a small long-term multi-year HODL position. No more than 20% of ones HODL allocation.