Bitcoin Closes Eighth Successive Bearish Weekly Candle for the 1st Time in History
The upside is we are holding above $30K this morning AND this is only temporary – from the eternal optimist’s perspective – there’s still cheap Bitcoin to be had!
Bitcoin (BTC) Closes Eighth Successive Bearish Weekly Candle for the First Time in History
“Since reaching a local peak at $48,234 on March 28, only red candles have appeared on bitcoin’s weekly chart. The price reached a low of $25,400 on May 12 and rebounded to its current level. This represents a decline of 47% at the extremes.
Along with hitting long-term support at $28,800, BTC has reached the 0.618 Fib retracement as measured from the COVID-19 crash in March 2020. If this level fails to hold as support, the next targets are the 200-week moving average (200W MA, blue line) at $22,000 and the 0.786 Fib retracement at $18,000.”