#OPINIONLEADER#
Where is BITCOIN headed?
On the 14th April BITCOIN hit $64,829. Since then we have seen close to a 40% fall down to $39,500. This poses a number of questions. Is the price heading further south? Is this a BUYING opportunity? is this the start of a serious reversal for BTC? How much further will BTC fall?
Historically we have seen BTC reverse before only to see it rise like a Phoenix and make new highs.
The 200 SMA may hold the key.
The 200 SMA sits at $35,560. With RSI and Stochastic over sold and the Stoch showing signs that it may be crossing over north then the 200 SMA may halt the BEARS and see BTC supported at this level.
However.
Should we see the 200 SMA give way then this would be a bad sign for BITCOIN and we could be witnessing a deeper move back to $28900 support to see BTC lose half its value.
Edited 19 May 2021, 18:39
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