Bitcoin (BTCUSD) closed yesterday below its 1D MA100 (green trend-line) for the first time since August 18. This is a critical development as that was when BTC's massive post Cycle Bottom rally was confirmed.
Losing this Support is critical, however on the weekly scale, it is still holding its 1W MA50 (red trend-line). A closing below it will confirm the selling extension and the next level to watch is the Support cluster formed by both the 1D MA200 (orange trend-line) and the July 01 Higher Lows trend-line. This is within the $73200 - 72500 range. Expect a bounce there.
If on the other hand BTC closes a candle below the 1D MA200 too, then it should test its 1W MA200 (black trend-line), which is the market's long-term Support. An early contact estimate would be $68000. That would be the ultimate long-term buy opportunity.
So do you think the 1W MA50 will hold or fail? Feel free to let us know in the comments section below!
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