Historically speaking, the 200-week moving average was always the main support for BTC and has marked the bottom on 4 different occasions.
As of this cycle, things have changed. The 300-week was the main support during the COVID dump and indicated an important area during the FTX collapse.
In previous analyses I've stated that I think BTC will likely go down over the next few months. My main target is 20.000, which coincides with the 300-week SMA support area.
If 20.000 fails to hold, my next big support area is the FTX low, which should be around the 400-week SMA.
Put these moving averages on your chart to get a good overview of historically important areas of support and resistance.
As of this cycle, things have changed. The 300-week was the main support during the COVID dump and indicated an important area during the FTX collapse.
In previous analyses I've stated that I think BTC will likely go down over the next few months. My main target is 20.000, which coincides with the 300-week SMA support area.
If 20.000 fails to hold, my next big support area is the FTX low, which should be around the 400-week SMA.
Put these moving averages on your chart to get a good overview of historically important areas of support and resistance.
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