Where the Bitcoin bottom is?
Hey Tradingview Crypto community,
Today I am sharing one of many indicators confirming that Bitcoin has not reached its capitulation phase.
Despite the price of Bitcoin is fluctuating above and below 30k level, I believe that it is due for a further decline in the short to mid term.
The first indicator is 200 Day Moving Average that has been a strong support for Bitcoin price during the bear
market in the past. It has also been a great signal of Bitcoin bottom confirming the end of a bear trend a couple of times.
After the price of Bitcoin touched the 200 D MA, the trend changed from bearish to bullish. I believe that its going to be the case this time also.
Looking at the chart we can see that BTC price should decline towards the green 200 D MA line and touch it around $22-23k.
However, I would expect that Bitcoin could go down below the moving average line and find its bottom at the next significant support level
and at around $16.5-19.5k.
Let's wait and see. Time will tell.
If you like this idea, please follow and like my content for the next future update on other interesting indicators.
Today I am sharing one of many indicators confirming that Bitcoin has not reached its capitulation phase.
Despite the price of Bitcoin is fluctuating above and below 30k level, I believe that it is due for a further decline in the short to mid term.
The first indicator is 200 Day Moving Average that has been a strong support for Bitcoin price during the bear
market in the past. It has also been a great signal of Bitcoin bottom confirming the end of a bear trend a couple of times.
After the price of Bitcoin touched the 200 D MA, the trend changed from bearish to bullish. I believe that its going to be the case this time also.
Looking at the chart we can see that BTC price should decline towards the green 200 D MA line and touch it around $22-23k.
However, I would expect that Bitcoin could go down below the moving average line and find its bottom at the next significant support level
and at around $16.5-19.5k.
Let's wait and see. Time will tell.
If you like this idea, please follow and like my content for the next future update on other interesting indicators.
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