BREAKING: Bitcoin’s weekly candle just closed below the 50-week moving average for the first time in 2 months.
From here, there are two paths:
1) If the bulls manage to get $BTC back above the 50-week moving average this week, a classic fakeout designed to trigger panic selling will be confirmed.
2) If we see another weekly close below that level, prepare for a drop to the low-$60,000 range.
$BTC has once again lost $71,000, with $ETH also losing $2,000 👀‼️
The next important level is $68,000, where the 200-week moving average is. It’s a key support level, and if it’s lost, it could send the price of Bitcoin much lower.