If you\u2019ve perused Crypto Twitter at all over the past months, you\u2019ve likely seen the term \u201cBitcoin echo bubble\u201d mentioned over and over again; bears of BTC and its ilk believe that the cryptocurrency market is in the midst of effectively a \u201cdo-over\u201d of 2018\u2019s Crypto Winter.<\/p>\n
While some have laughed this off as pure conjecture, citing the fundamental developments of the cryptocurrency ecosystem and adoption events, there are some technical analyses backing the idea that Bitcoin<\/a> is in the midst of an echo bubble, and will thus fall further from $7,100, where BTC trades today.<\/p>\n Trader Walter Wyckoff recently made<\/a> a simple though astounding revelation: if Bitcoin closes the week on Sunday under $7,500, the price will have settled under the 100-week moving average, a key indicator of long-term support. This is important as the last time BTC closed under this support level, the cryptocurrency’s price fell by 35% in the three weeks that followed.<\/p>\n If history repeats, Bitcoin could drop to the high-$4,000s or low-$5,000s and then bottom from there, then begin its next leg higher.<\/p>\n I was just checking MAs on weekly and previous price action, last time we closed under 100 MA we dumped -35%, if this happens again we could land again on the 200 Weekly WMA. Have to say it has confluence with @TraderX0X0 previous analysis pic.twitter.com\/jCuqvkw0VC<\/a><\/p>\n — Levi Alterman (@levi_alterman) November 24, 2019<\/a><\/p><\/blockquote>\nBitcoin to Close Under Key Level<\/h2>\n
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