The 200 MA acting as support

in #bitcoin • 3 years ago

We haven't lost the 200 MA yet, and hopefully won't

Curious why the price of bitcoin bounced significantly off those lows?

Don't be.

We dipped below the 200 MA before surging back above it:

image.png

(Source: https://twitter.com/mak_eth/status/1440318967797542924/photo/1)

I expect that range to hold, but if it doesn't we likely see a quick plunge following the 200 MA break.

The next support area would be around $38k if $40k were to break.

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3 years ago in #bitcoin by
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     3 years ago 

    Thx for the chart!
    Bought some BTC-fragments a week ago.

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       3 years ago 

      There is every chance that Bitcoin will dive more, until altcoins start to recover... With all the exchanges repelling altcoins, it doesn't look likely to happen anytime soon...

      It looks like institutional buyers have hoarded enough currently and can't keep the price trend upward.

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