The retracement off of the 200 moving average, was definitely a signal of things to come, however, I remained in the trade in hopes that btc
would double bottom
. Unfortunately, I have no faith or hope that this will be the case. The 50 MA is about to make a death cross on the 200MA, this is an extremely bearish
signal. Most cryptos are at major support, if bitcoin
falls through this support level
, then the rest of the cryptos will likely break major support as well. The bear market appears to still be strong despite having faith things would reverse. That isn't to say that btc
won't make a 2k bounce or anything along those lines, but long term, I fear btc
still has a ways to fall.