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Bitcoin Will Find Support Above Long-Term Moving Averages, Predicts Analyst
The Bitcoin price has decreased considerably over the previous week. However, it bounced strongly on November 25, leading some people to believe that it has already reached a bottom.
The current trading pattern which is supported by several long-term moving averages suggests that Bitcoin is very close to reaching a bottom if it has not already done so. Therefore, last week's decrease could have been the final capitulation before a bull market begins.
There have been many theories about this rapid and unexpected decrease. One commentator suggested that it was initiated by whales that are selling in order to claim losses on their 2019 tax return. However, this seems unsubstantiated since Bitcoin is still in profit if you bought in the first half of 2019, so this could be an attempt at falsely rationalizing the price decrease.
Bitcoin investor and analyst @davthewave stated that in the most bearish scenario Bitcoin will drop all the way to the 200-week moving average (MA). However, he believes a smaller decrease to the 150-week MA is more likely.
Can price go as low as the 200 MWA [approx 4 year MA and 5K range]. I doubt it given the longer passage of time, and the higher prices clocked. More likely is a revisit to the 150 WMA [approx. 3 year MA] as per last time. pic.twitter.com/BYVOx1xJLb
- dave the wave (@davthewave) November 25, 2019
The 200-week MA is currently at $5000, while the 150-week one is at $6500.
Where will
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