Buckle up. If you want Bitcoin to avoid a crash, it must stay around the $20,000 mark, suggests a trader.
showed BTC/USD halting a weekend drop at $21,900 to return towards the $23,000 on the day.
The pair held a trading range closely focused on key long-term trendlines, which analysts had previously described as essential to reclaim.moving averages , the latter particularly important as support during bear markets but which had acted as resistance since May. “Bullish that we perfectly held the 13d ema + horizontal 21.9k,” popular Twitter trading account CryptoMellany argued in part of her“I think we'll hang around 22.5k for today's weekly close, new week starting with action down to 21-21.6k and then up for the rest of the week, forming a bull flag.”
The 50-day and 200-week MAs stood at $22,370 and $22,690, respectively, at the time of writing, with spot price at $22,670.Continuing, fellow trader and analyst Jibon the upcoming weekly close as “very very important.” An accompanying chart singled out $21,944 and $22,401 as the lines in the sand for a “bad” or “good” close.that such a “bad” result could be the start of a retracement to new macro lows for Bitcoin — as low as $12,000 — which continued strength could fuel a relief rally as high as $40,000.BTC/USD 1-week candle chart . Source: TradingView
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