Bitcoin Closed Under Its 200-Week MA For The First Time Ever

It made a valiant effort to come back today but chances of it getting from 17k to over 22k was slim.

So, for the first time in bitcoin's existence, it closed decisively under the 200 week simple MA.

It did come pretty close to bouncing off that long term trend line though. Not pictured here is the weekly RSI is now more oversold than its ever been. The technicals and sentiment are certainly there for an unexpected rally.

I think one thing we need to remember when we are looking at bitcoin charts though is that bitcoin has never seen an economic downturn. All those 80%+ dropoffs before happened for crypto-local reasons. This is a different beast and its acting that way. Case in point, this close under the 200-week.

With all that said, my guess is the fed pivots sooner than most people think. Hopefully it's not too late then.

Posted Using LeoFinance ^Beta