Bitcoin has now tagged the 200D SMA. This is what I see as the bulls strongest line of defence. In 2023, we tagged this level, after an incredibly similar journey before it. Bitcoin has never made a monthly higher high, and reclaimed all of the key moving averages, and then gone on to lose them all again on the first retest. If we lose the 200D SMA, that will be the first time in history it has ever happened. It will make way for a much more complex bottoming scenario, with my first target being $67,000 where the 1W 200SMA is now sitting. If this does happen, I am still not of the mind that new lows come. The bottom structure is too strong. It will enter us into a new situation that we have no past precedent for. Lets see how things develop from this point now. If Bitcoin is to stay very bullish, it needs to react from this level very soon.
Sykodelic 🔪Share
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