BTC Price Rebounds Off $69K: Can Bulls Deliver Another Higher High? (March 25 Update)
Source: TradingView
In the weekly time frame it can be seen that the 200-week SMA generally provides support for the bear market, although in the last bear market the price did fall underneath, and this was for around seven months during one extended period. If the same thing happens again, the levels of either $48,000 or $40,000 are the strongest support lines to which the $BTC price could fall to.
That said, an interesting possibility needs to be considered. If one looks back as far as the double top of the last bull market and focuses on the RSI, it can be noted that every time the indicator line broke through a downtrend line, this heralded the beginning of a major rally.
Look at the current downtrend line. The indicator line is just poking up above. That being said, this particular downtrend line does have a little fakeout, which none of the previous downtrend lines have. Could it be that this downtrend line is not drawn correctly?
All this speculation aside, the breakout of the downtrend line still needs to be apparent at the end of this week. Only then can it become a potential lifeline for the bulls.
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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