Quote from: LogitechMouse on Today at 03:07:29 AM

Quote from: Oshosondy on February 18, 2025, 11:04:42 AM

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But let me ask a question. I saw on news that bitcoin can fall to $85000. What do you think about it this time?

Well, we almost saw Bitcoin reaching as low as $85,000 yesterday. With the $89,000 support being broken yesterday, I guess it's safe to say now that the current support already is at the $87,160 as we saw an immediate bounce of off that price.

Just to add to what's happening right now with the market, I added a picture which shows the candles of the price of Bitcoin on a weekly time frame. That blue is the 21 Weekly EMA and the red is the 34 Weekly EMA. Both EMA's can be considered as a long-term support, and once we saw Bitcoin closing the week at below those 2 indicators, that might be a sign of a reversal towards the bearish.

Fortunately, we're still days in ending the week so there's still time for Bitcoin to end the week above the blue line. I put a circle on those 2 candles out there to show that as long as we close above those 2 lines, we are still in a bullish momentum. My point? There's no need to panic because we're still in a bull run, and as long as Bitcoin doesn't close the week below those 2 lines, the trend will continue. As we saw Bitcoin below the strong support of $89,000, I just hope that all of us took the opportunity to accumulate Bitcoin at a much lower price.

Great analysis.
The rally is not over at all, we just need to live through some red to see the green, and no panic selling at the same time.