VFCrypto

BTC Is Approaching One Of The Most Important Supports Ever

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoins recent sell-off has now put BTC in an interesting formation. In our recent posts where we initially called the sell-off from 10,000 levels we outlined how the 100 MA was a good indicator of intermediate price action. If we take a look at longer time frames, we can also see another instance where the 100MA indicator proved to be an important tool.

If we expand the Bitcoin chart to the last 5 year time frame and apply the 100MA, we will see that theres only been one time in the last 5 years where we saw price dip below 100MA. This is very interesting and something to keep on high watch. The reason we say this - is because we can see that BTC is currently flirting with the level again. Last time BTC dipped below this level on the long-term frame, the price fell over $-2,600 dollars. We will wait to see if we can stabilize here and build some solid support. IF so, one would argue a strong bull case...

Everything is coming together right now from our research. We are reaching a crucial time in technicals such as the 100 MA and also the Mayer Multiple which we recently published in our Bitcoin market analysis. BTC is pointing to undervalued territories, but there are a couple technicals that should not be ignored.

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