Bitcoin Weekly Support Levels Past History |EMA300/MA200 at $18K
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The weekly candle closes tomorrow, at this time we will have a better picture as to what Bitcoin will be doing next.
Hit LIKE now and let's look at what we have today.
The immediate support for Bitcoin (BTCUSD) on the weekly (W) timeframe is set at EMA50 or $44,400 USD.
This is a very, very important level.
If EMA50 fails, we are going really low.
(notice the word "if")
If Bitcoin closes weekly below EMA50, we still have EMA100 as the critical support at $34,000 USD per BTC.
If EMA100 fails, think about March 2020 and December 2018.
Each time that EMA100 was taken out as support on the weekly timeframe, we had very strong and deep corrections.
This is no big deal of course because the weeks that followed we had sustained and continued growth. Even if this scenario playsout we are guaranteed to continue with the long-term bullish growth.
The indicators are bearish and show room for additional drop.
I will not make any predictions now, let's wait for the weekly close after Sunday.
Remember to bless me with your FOLLOW, LIKEs and COMMENTs.
We will be looking at the monthly timeframe as well on the next article.
Thank you for reading.
Namaste.
Hit LIKE now and let's look at what we have today.
The immediate support for Bitcoin (BTCUSD) on the weekly (W) timeframe is set at EMA50 or $44,400 USD.
This is a very, very important level.
If EMA50 fails, we are going really low.
(notice the word "if")
If Bitcoin closes weekly below EMA50, we still have EMA100 as the critical support at $34,000 USD per BTC.
If EMA100 fails, think about March 2020 and December 2018.
Each time that EMA100 was taken out as support on the weekly timeframe, we had very strong and deep corrections.
This is no big deal of course because the weeks that followed we had sustained and continued growth. Even if this scenario playsout we are guaranteed to continue with the long-term bullish growth.
The indicators are bearish and show room for additional drop.
I will not make any predictions now, let's wait for the weekly close after Sunday.
Remember to bless me with your FOLLOW, LIKEs and COMMENTs.
We will be looking at the monthly timeframe as well on the next article.
Thank you for reading.
Namaste.
Note
Invalidation point mentioned.
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