Yesterday the bitcoin price dumped to 17,600$. A lot of people are saying that the bottom would be 12,000$ or 15,000$. Some even think that 6000$ is on the cards. However, we have seen some recovery in the price and it is now above 19500$.
Maybe 17600$ was the bottom or do you think there is more dump in the coming days/weeks?
Maybe 17600$ was the bottom or do you think there is more dump in the coming days/weeks?
Just as @darkangel11 has stated below, I feel this is something we should be concerned about, that is the 200WMA
The last time the market fell majorly below it was back in Nov. 2018 and the market didn't get out of it for approximately three months, I am not saying this might repeat but who knows but we do understand that that is a major resistance the market now needs to close above to continue the momentum upwards.
Just a couple weeks ago people were asking if 30k was the bottom and many thought so.
In the thread I made many people thought that we wouldn't fall lower and some who did think that we'd go to 23k or 20k. For me going below 20k was also a huge surprise because we rarely touched any levels below 200 WMA. You can see that in the well-known stock to flow model that we stopped following last year for the first time in many years.
In the thread I made many people thought that we wouldn't fall lower and some who did think that we'd go to 23k or 20k. For me going below 20k was also a huge surprise because we rarely touched any levels below 200 WMA. You can see that in the well-known stock to flow model that we stopped following last year for the first time in many years.