BITCOIN ! HAPPY THANKSGIVING ! Does the 1D MA200 spoil the mood?

[etfs]

First of all allow me to wish everyone Happy Thanksgiving with all the blessings this day may bring to your family and loved ones.

As for Bitcoin (BTCUSD), the anticipated short-term rebound is targeting the first Lower High of the emerging Bear Cycle. What's critical in this? The 1D MA200 (red trend-line) and the reason is simple.

As the previous three Cycles show on this graph, when BTC starts a Bear Cycle and breaks below its 1D MA200, it then turns into the Resistance for the rest of the Cycle. And as you can see, it rejected every single time the Lower Highs. Practically that is the most optimal level for someone to short for as long as the Bear Cycle lasts.

As a result, we expect the current counter-trend rally/ dead-cat bounce (call it as you want), to be limited by the 1D MA200, which is currently at $110k and falling, then get rejected and start the next Bearish Leg of the Channel Down.

So do you think the 1D MA200 will play the role of the long-term Resistance from now on? Feel free to let us know in the comments section below!

[Nahid Hossen]

MA200 always acts as a gatekeeper—perfect timing for some drama.

[Abdul Khan]

ETH scaling is a long-term process—this is just one step.