Bitcoin dip likely not over

in #bitcoin2 years ago (edited)

Have a look at the 200-week Simple Moving Average. BTC usually jumps on it and hasn't even been close to it for a long while. It tried getting back to it once, but failed in the endeavor and a double-top (with a fake-out) also formed on the bullish counter move on the attempt, showing lack of momentum or "market will" for even higher prices. BTC will very likely touch down on it again as this SMA has consistent history for functioning as long-term support. Should it touch down on it as I expect, it's worthy of serious concern for an entry. As cautious guess would be around 24.000 USD.

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