The plot thickens.
Two weeks ago we were wondering what’s next for Bitcoin: $20k or $40k?
The last week BTCUSD started with a green candle and a price point of over $31k. It was looking up potentially to $40k.
However, it could not find enough strength to continue its upward trajectory.
The cryptocurrency fell and ended the week below its 202-week EMA body support line. That is the line that held it for years.
We spotted the 202-week body support line in our first post, dated January 2022, and about a month ago was the first time Chekhov’s gun from act I was used in the Bitcoin play. Bitcoin touched the long term support line and immediately bounced back up.
And once that support line broke… well, here’s the chart as of this writing:
Zooming in:
The wick support line, the 276-week SMA, is there, under $20k. Just saying.