BTC/USD - Can Critical Support Hold or Is It HOPIUM? 😱

Bitcoin failed to reclaim the 200 Week Moving Average (dotted line in blue). That can't be good, can it?

NOPE.

Hence, BTC has continued down ever since with lower lows and lower highs. This is BEARISH.

The price is now at a critical level. It may try to reclaim $20k, but if it fails, then the price will likely retest the all-time low this year at $17,622 (Binance).

The current support at $18,750 is pretty weak if you ask me.

So all eyes are on 17k. If that won't hold. Prepare for Goblin Town. That won't be pretty since it opens the door towards $14k.

Traditional markets are under stress and this winter is going to be tough in Europe due to the war in Ukraine. Contagion is likely and this will have a major impact on crypto.

I am bearish for the remainder of the year. Let's hope 2023 can return the price back on the uptrend.

Like and follow if you liked this idea!