The price of BTC has confused a lot of people and the noise put out there called commentary or should we say analysis is no clearer as to the direction it might take. Even though I could write more regularly in this regard, I tend to watch the price activity for a little while before saying anything. Rather than complicating matters, I decided simpler metrics should come into play.
BTC Price & the 21-weekly Exponential Moving Average Courtesy Tradingview.com
Looking at the BTC weekly chart you will see that price is still above the 21-weekly exponential moving average. On the week starting 14 July, the price of Bitcoin fell to $9090.4 just over $1000 off the 21-weekly EMA. The current price is now at $10376.2 (at the time of writing). As long the BTC price does not break support at the 21-weekly EMA then we are not in a bearish market. Should it do so, then we are heading into a bearish market with a potential drop to between $6000 - $7000. A drop to this level means breaking support at $6747 – 55-weekly EMA – and potentially a fall to $5000.
Could this possibly happen? Maybe, but as none of us really know what exactly, your guess is as good as mine.
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