BTC possible correction to 200MA

3
0
Share:

BTC again had strong resistance rising to 11k, and was chased down. BTC has started chipping away at the resistance, but this may send the coin down to the next level, possibly to the last support zone of $9800 – this area of value represents a long term Fibonacci level from June 2019, and also coincides with the last support zone this year, earlier this month.

Furthermore, because of the pattern that may develop, BTC has a chance to jump all the way down to $8500 – we would need to see the support zones sold out, which may be hard due to the fact that the amount of HODLERS is at an all-time-high again (Similar pattern back in 2016), and we have seen the fickle investors exit and their holdings are at a low currently.

Keep in mind, any crashes from SP500 , news, or other factors can stir this pot and create some crazy volatility , which could also turn bearish . Overall though, this is the beginning of Crypto Season, the historical patterns seem to repeat, almost as if this were all controlled by some algorithm, and I believe BTC will have a nice run before the end of 2020.