Bitcoin Weekly Update (MA200 Breaks / Bearish, Low $3ks Next?)

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We waited for the weekly candle to close for BTCUSD (Bitcoin) to see if prices would either close above or below MA200 at $5524... MA200 failed to hold and now EMA300 ($4740) is being challenged... What happens next?

The trading volume is really strong on the drop, it is the highest since November 2018 and there is surely additional room for a drop.
If prices fail to move back above EMA300 ($4740) followed by MA200 ($5525) weekly, Bitcoin will surely continue to move lower.


Next target Bitcoin (BTCUSD)

1) The first target IF EMA300 breaks (move and close below this level weekly) will be $3850 marked by the low hit last week.

2) The next support that follows is sitting at $3326, we believe this to be where BTCUSD can print a higher low.

3) If $3326 fails, the Dec. '18 low at $3122 becomes active, below this level we only expect a long-wick that can last maximum a few days before prices reverse and start moving back up.

This hole process can last in between 6-9 weeks, or in some cases, the bleeding can take a bit longer. (The whole cycle will change within 2.5 months)

It will be hard for beginners to accept the truth.
It is hard already for those that are susceptible to fear to see that this is just another normal life cycle and that everything will be new or back to normal once all is said and done.

Watch out for the smaller altcoins, they will produce major gains in the weeks to come... And just when you really start to think that everything will really be over, that's when the positive news will start to flow... Or have you forgotten already, Bitcoin was the best investment just a few weeks ago.

When the bears take the upper hand, everybody thinks it is the end of the world.

Yes... There is a pandemic going on, but so far it only killed 6,513 people, that's less than the common cold...
So please crypto Relax... It is not the end of the world.

Namaste.

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