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Bitcoin Breaks Through Support

Cory Russell

Feb 10, 2023 15:06

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Investing Method for Bitcoin

Today, Bitcoin's support level was breached, allowing for a drop in price. The 20-day exponential moving average is located precisely around $22,500, which was the lost support level that might now turn into resistance. All of the traders who followed our advice to buy at $20,700 ought to have gotten an email four days ago requesting that stops be raised to $22,200; instead, they were all stopped today.


In the next weeks, I believe the market will move lower and provide us with another favorable chance to join from the long side. I feel comfortable about closing out our long position at the price we did.


Bitcoin might drop below existing support levels of $20,000 and $18,000. I believe a retest of $20,000 is probably certain; it is also the level of Bitcoin's 50-day moving average and many historically notable market peaks. This level has been the bottom for over three months, and I wouldn't be shocked if it is broken in the current decline. In that event, $18,000 will likely be challenged as support since it approximately corresponds to Bitcoin's long-term 78% retracement. If BTC breaches both of the aforementioned support levels, the last level of support stands in for BTC's two-year low of $16,000.


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