Bitcoins Historic Dump | Key 200 Weekly MA| Bear Sentiment Evening Traders!
History made on Bitcoin with the most epic dump to date, over 60%, what now?
Bitcoin has a key level to hold for a bullish scenario, the 200 Weekly Moving Average, a candle body close below this will send it to sub $3000.
Points to consider,
- Strong bear sentiment (traditional markets included)
- Holding above 200 weekly Moving Average
- Structural support respected
- RSI broke key support
- Stochastics projected downwards
- Volume climax president
BTC has experienced one of its most volatile movements as the bearish sentiment rails over all markets.
Technically it is above the 200 Weekly Moving Average but a close is needed for confirmation, this increases the probability of a temporary bottom in palace.
Structural support was respected with a wick, putting evidence on a volume climax as shown by the volume node.
The RSI has broken its important trend line, approaching oversold conditions on a larger timeframe is important to note.
Stochastics is projected downwards with lots of stored momentum where it can trade for an extended period of time.
Overall, in my opinion, there really is not much plausible with TA as the market sentiment is extremely bearish with the Pandemic. Key technical levels where all negated in a single candle in search for liquidity.
For the temporary bottom to be in, BTC needs to remain above the 200 Weekly Moving Average, a close below will test lower levels.
What are your thoughts?
Please leave a like and comment,
And remember,
“The market can stay irrational longer than you can stay solvent.- John Keynes
