BTCUSD 1W: Bitcoin Bear Market
Many in the TA community use the weekly 21 EMA and 20 MA as indicators on whether Bitcoin is in a bull or bear market. Currently, both the weekly 21 EMA and 20 MA sits at 44.5k and 48.5k respectively.
From the 1W chart, BTC is likely going to close below both of them in 2 days. As prices are currently below 35% to 40% lower than both the indicators, the bear market is likely to continue. Prices could find support at close to 30k. But if not, we'll continue downwards to 28k~29k.
From the 1W chart, BTC is likely going to close below both of them in 2 days. As prices are currently below 35% to 40% lower than both the indicators, the bear market is likely to continue. Prices could find support at close to 30k. But if not, we'll continue downwards to 28k~29k.
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