(SLIGHT) reason for hope - The higher-time-frame MAs
First let me be clear: I am NOT recommending to long from here. We are in a precipitous downtrend linked to a worldwide virus outbreak and stock market crash -- neither of which appears to be even close to resolution.
THAT SAID
Bitcoin is currently resting on many higher time frame moving averages that in the past have proven to be major bounce points/support in bull markets. I'm illustrating it here with the 50 EMA on the 4 day but take your pick as we're also sitting on:
1. The weekly 21 EMA
2. The monthly 10 SMA
3. The 3-day 89 EMA
4. The daily 200 EMA
Go take a look for yourself at all of these and see how Bitcoin price reacted to hitting them in the past when it was in uptrends.
So - from this perspective, there is at least SOME hope.
But that also means that if we continue down from this point and start closing higher time frame candles under, say, the 8300-8500 area, where all of these moving averages are coming in, then it really is over for any chance of a Bitcoin bull market.
Let us kneel. And pray.
THAT SAID
Bitcoin is currently resting on many higher time frame moving averages that in the past have proven to be major bounce points/support in bull markets. I'm illustrating it here with the 50 EMA on the 4 day but take your pick as we're also sitting on:
1. The weekly 21 EMA
2. The monthly 10 SMA
3. The 3-day 89 EMA
4. The daily 200 EMA
Go take a look for yourself at all of these and see how Bitcoin price reacted to hitting them in the past when it was in uptrends.
So - from this perspective, there is at least SOME hope.
But that also means that if we continue down from this point and start closing higher time frame candles under, say, the 8300-8500 area, where all of these moving averages are coming in, then it really is over for any chance of a Bitcoin bull market.
Let us kneel. And pray.