Bitcoin Crashes to $87K, Trendline Holds: Recovery Rally – What's Next for BTC? January 22 TA
Source: TradingView
In the weekly time frame it can be observed that the 100-week SMA is playing its part over these last several weeks. On Wednesday the price wicked down to this moving average, and it can be seen that this has happened on other occasions as well. It also might be said that if the $BTC price did drop below this average, the bear market would very likely be confirmed.
The Stochastic RSI is starting to perhaps show some signs of concern, as the blue indicator line in particular could be about to roll over. That said, as long as the current rally does not run out of steam, these indicator lines should keep going up.
The $BTC price is at a very critical point right now. Another dump back to $87,000 and below and it would seem very difficult for the bulls to force the price back up again. The bulls are probably in last chance saloon. Will they take advantage and spark a wondrous rally, or is this the last act before being dragged down into the bear market?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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