MA100 on Daily (Or MA200 on 12H) strongly held the price from lower levels multiple times.
For now, we can count on it around $41000.
If broken down, we may see 37k area. then there are two possible scenarios shown on the chart.
* If selling pressure happens by the bears and price drops, bulls will defend on 35k area at major trendline support that also can be the support line of the wedge.
* If #Bitcoin sees 37k or 35k, it's the last chance to enter before retesting the ATH, probably till year ends IMO.
* If an institutional buyer enters the market, technical scenarios fail.
Just an #idea
Not Financial Advice
Good luck!
For now, we can count on it around $41000.
If broken down, we may see 37k area. then there are two possible scenarios shown on the chart.
* If selling pressure happens by the bears and price drops, bulls will defend on 35k area at major trendline support that also can be the support line of the wedge.
* If #Bitcoin sees 37k or 35k, it's the last chance to enter before retesting the ATH, probably till year ends IMO.
* If an institutional buyer enters the market, technical scenarios fail.
Just an #idea
Not Financial Advice
Good luck!
Trade closed: target reached:
MA was strong and supported the price from falling