In the event that price breaks down below the 8000-8500 level, we should talk about what scenario is likely to play out.
I believe it is unlikely we break even below 8k, we seem to be bouncing on the 20 and 50 week MA. Also, there is a long term trend line across the bottom of the last last bear market that crosses around the 8000-8500 level.
If we break below the 8000 level and remain there for a few days, it's likely we will retest 6000-6500. There is a major support level at 6k since before the previous price broke down back in 2018 and the more recent 2019 bottom.
If in fact the 6k level is retested, we could
I believe it is unlikely we break even below 8k, we seem to be bouncing on the 20 and 50 week MA. Also, there is a long term trend line across the bottom of the last last bear market that crosses around the 8000-8500 level.
If we break below the 8000 level and remain there for a few days, it's likely we will retest 6000-6500. There is a major support level at 6k since before the previous price broke down back in 2018 and the more recent 2019 bottom.
If in fact the 6k level is retested, we could
