This chart shows the major support which has been holding the price of bitcoin for at least the past 5 years. I have mentioned this multiple times and it is the warning line support of Andrews Pitchfork on log scale. This support level is also coincidentally the Fibonacci 61.8% retracement and just slightly below the 50ema weekly which should theoretically hold the price and hence, I'm remained on my long.
I see this as the last defense if bitcoin were to recover back up in a manner we've seen in the last halving. Below this, unless it is a false break, I'm honestly do not know how far the downside is but one of the indicators suggests it is in the 5000s range.
It is a scary time in the financial market overall but it is in this rare circumstance that bitcoin can distinct itself and shows the world if it is the safe heaven asset or not. So lets hope it does not break below these support levels and shows us it is a safe heaven.
Goodluck everybody!
I see this as the last defense if bitcoin were to recover back up in a manner we've seen in the last halving. Below this, unless it is a false break, I'm honestly do not know how far the downside is but one of the indicators suggests it is in the 5000s range.
It is a scary time in the financial market overall but it is in this rare circumstance that bitcoin can distinct itself and shows the world if it is the safe heaven asset or not. So lets hope it does not break below these support levels and shows us it is a safe heaven.
Goodluck everybody!