Decentrader Co-Founder filbfilb said that Bitcoin’s price action, which has been away from its 20-week moving average (WMA) for a while, continues to confuse investors. The 20 WMA is decisive in whether Bitcoin is in a bull or bear market, according to filbfilb.
Analyst filbfilb thinks that if Bitcoin finds support near $30,000, it could turn into a major resistance that will prevent the 20 WMA from rising.
“If it goes lower, the possible target would be the $20,000 band or the 78.6 percent retracement level. That’s why this week’s price action is particularly important.”
In the current situation, the analyst suggested that $37,500 must be crossed to prevent BTC from retesting the weekly support.
Filbfilb explained that if Bitcoin surpasses $ 40,000 and clings to this level, the previous support / resistance levels of $ 45,500 and $ 46,500 will be resistance zones that must be crossed.
The analyst thinks that Ether needs to hold on to the $ 2,300 support in order to catch the momentum that will cross $ 3 thousand and test $ 3,300. According to the analyst, this scenario will mostly depend on Bitcoin’s performance.
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