Bitcoin bulls beware! BTC price must keep the 200-week moving average in play, says MI_Algos.
A lack of bid liquidity formed a major point of concern, with the largest cohorts of whales abstaining from the market.
“IF there is a bullish case to be made, it's that price over shooting technical R & S has been the norm in #crypto, and that price is currently back above the 200-Week MA,” part of analysis after the lows“Perhaps the most neutral thing I could say is that consolidating in this range would be healthy because it would give the market the chance to decide whether it wants to continue distribution or flip to accumulation and that would add validity and strength to whatever the next move is.
Material Indicators continued that the 200-week MA remains a key line in the sand when it comes to the bullish thesis going forward.“If we continue to see a lack of bid liquidity and a lack of buying from the purple and brown whale classes it will lead to more downside. Any sustained breach back below the 200 WMA invalidates any bullish dream of a breakout.”This article does not contain investment advice or recommendations.
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