200 MA being the last support

2024년 7월 23일

So the market has liquidated both sides players and still going downwards even when it took support from the lower zone of point 2. The intersaction of MA 20 and 50 became its enemy and send it back to the 0.786 level of Fib just like we discussed in the last chart. The fib sent it back, and this time the level 1 acted as a resistance and btc failed to hold the position.

At the current movement, btc is getting a support from MA 200 and is buring under MA 100, 50 and 20. now the level 2 is also the enemy. So btc is in such a position that it has only one friend nearby i.e. MA 200 and if it wants to go up, if has to face multiple enemies which means it require lots of positive volume. When you swim against the stream you need too much power.

It would be easy for btc to fall further down and reach the $65,000 which is a light support zone, but if it goes further down, it will get the major support suzone of $63,000. The price will get some time to gather enough energy to pass all the resistances at once and reach the $69,000 once again.
But this should not happen. The MA 200 should provide enough support to let the price go back and try to break the level 2 resistance once again.

one major thing to keep an eye. If the cyan line (MA20) crossed the red line (MA 100) and went down, we definetly going to $63,000 zone. Too much short pressure on the market, and hence the MAAs might take advantage of it and push the price up to liquidate the short traders.

Let's see in teh morning, what happens.