Bitcoin is at a very critical price level right now. Bitcoin retraced from $10,498 levels on Feb 13, 2020 back to $8450 levels.
As you see in the weekly chart below. Bitcoin has touched nicely one of the most critical support level. Here are the reasons:
1- 8450 levels are the lower boundary of ichimoku cloud (the Leading Span B (red cloud line).
As you know Ichimoku is swing trade range chart. It is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. That's why it provides trading signals. It was developed by journalist Goichi Hosoda and published in his 1969 book. Source: school.stockcharts.com
2- This level is high confluence area because 21 weekly MA is acting as support.
3- Again, this level is high confluence area because 50 weekly MA is acting as support.
3- This level corresponds to 50% fib retracement level, as well. Bitcoin has bounced back from this level.
So, Do not panic with this decline in Bitcoin's price, zoom out and pay attention to the concept of market cycles. Bitcoin is at the critical support levels now. Taking Bitcoin's golden cross and Bitcoins halving into account, we may have life time opportunity ahead.
Remember Bitcoin has made its golden crosses recently and Bitcoin’s halving is set to take place in 84 days. Both are generally provides life time opportunity. Especially Bitcoin halving have a major implication to its hash rate, supply, and ultimately its price. You can reead more on this topic in my previous article.
Thanks for reading. I hope you’ve found it helpful.
-- Since I am not a financial advisor, make your own research while you trade.
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