BTC dump brings everything with it, 50 weekly MA holds support

27 thg 2, 2020

BTC's heavy dump has brought significant short term losses to the entire crypto market. On the daily chart it broke below both the 50 and 200 MA's but seems to be holding support right around the 200. On the weekly chart, the 50 MA appears to be a strong support. The 50 weekly MA has appeared to effectively guide BTC price action since November of 2019. A breakdown below the 50 weekly MA now would make the 0.236 Fib retrace level the next price target in this current downtrend. A solid hold above the 50 weekly MA would make me optimistic that this is just a short rest stop in a longer term uptrend as BTC has trended north of it since April of 2019 with very little exception.