According to A Fibonacci retracement from the all-time highs (Nov. 2021) to the lows hit exactly one year later (Nov. 2022) BTC has just breached the first significant retracement level this week.
In our last article, we spoke about the possibility of a pivot from bearish to bullish and even an end to the crypto winter if Bitcoin was able to trade and hold above $26,000.
Bitcoin has gained around 18% over the last three days after reaching support at $20,000 on Friday. This comes on the heels of major banks collapsing and the US government quickly stepping in stating they will protect depositors in full.
Bitcoin is on third down at the 9th yard line, 4 points behind the challengers (team FUD) at the fifth edition of the new world currency wars. The goal line is represented by Bitcoin’s 200-week simple moving average. The simple fact is that all Western Traders would agree that a market of any sort trading above its 200-day simple moving average was indeed in a long-term bullish trend, i.e.
Bitcoin broke through its support level today opening the door for lower prices. The lost level of support that could now turn into resistance is at $22,500 and is also exactly were the 20-day exponential moving average is.
