Bitcoin Down to Lowest price since May
Its low of $8,975 this week is the lowest Bitcoin’s been for just over a month; the last time Bitcoin’s price was this low was on May 27.
The important of the 1D MA200 and MA1000
Back then, when the RSI broke 38.00, Bitcoin tested the 1D MA200 for the first time in 6 months. In fact, if it wasn't for President Xi's speech on China and Blockchain on October 25th 2019, BTC would follow a smooth Channel Down all the way to a bottom on the 1D MA1000. And if it wasn't for the March 12th collapse caused by the COVID led stock market meltdown, that 1D MA1000 contact would have most likely be the absolute bottom of the last 12 months.
It would be not irrational to assume then that if there is not another stock market collapse and worldwide lockdowns, the new support (if the Triangle breaks lower) would be within the 1D MA200 and 1D MA1000.
Note at this point that the 1D MA1000 - 1D MA1500 zone has been the absolute hyper long-term Buy Zone in recent years on BTC's logarithmic growth models.
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