⭐ Merited by BitHodler (1)
That's basically my concern. In a market where we're currently going through a cycle meant to flush out the weakest hands, I honestly don't think any TA based 'support' line is going to hold firm.
In case it drops again, we should expect $3000 to break, and very easily so. I never like a market re-testing certain levels on the lower side, because they in most cases will break, which we saw with $5700-$5800.
Not sure what to think about what's currently going on with how poor the volumes are. We are literally a 1-2k BTC dump away from dipping below the averages you were talking about.....
In case it drops again, we should expect $3000 to break, and very easily so. I never like a market re-testing certain levels on the lower side, because they in most cases will break, which we saw with $5700-$5800.
Not sure what to think about what's currently going on with how poor the volumes are. We are literally a 1-2k BTC dump away from dipping below the averages you were talking about.....
At some point all weak hands will be flushed out ... at some point buyers will step in and overpower sellers ... Nobody knows where is that point...
On many occasions 200 week MA or 50 month MA were that point. Will this time be the same, I don't know. In fact I don't think so, but I believe it could be a short term bottom, small rally up and than final capitulation... But as I said, this is literally billion dollar question
