{"id":417917,"date":"2020-03-12T16:00:21","date_gmt":"2020-03-12T16:00:21","guid":{"rendered":"https:\/\/wncen.com\/?p=417917"},"modified":"2020-03-12T14:46:43","modified_gmt":"2020-03-12T14:46:43","slug":"dont-panic-save-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dont-panic-save-bitcoin\/","title":{"rendered":"Don&#8217;t Panic: This Previously Impervious Support Could Save Bitcoin"},"content":{"rendered":"<p>Extreme panic over the coronavirus officially reaching pandemic status and the impact it may have on the economy caused <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> to collapse this morning, falling from lows in the $7,500 range to as low as $5,800 at the time of this writing.<\/p>\n<p>Crypto investors are feeling more fear than they ever have before, but now is the time to be logical according to one crypto analyst, who claims that a remaining line of defense that\u2019s held up in the past could be the support that saves Bitcoin from total failure.<\/p>\n<h2>Only This Moving Average Can Save Bitcoin From The Coronavirus Chaos<\/h2>\n<p>Bitcoin\u2019s long-term logarithmic growth curve has been violated and a trend line dating back seven years of a secular bull market <a href=\"https:\/\/wncen.com\/2020\/03\/09\/bitcoin-fate-bull-market-support\/\">has now been breached<\/a>.<\/p>\n<p><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> is back below $6,000 in a shocking move fresh on the heels of the latest developments surrounding the deadly coronavirus outbreak, including <a href=\"https:\/\/www.nytimes.com\/2020\/03\/12\/world\/australia\/tom-hanks-rita-wilson-coronavirus.html\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">the virus hitting Hollywood<\/a>, the world of sports, and causing a complete shutdown of International travel.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/03\/10\/fear-greed-crypto-market\/\">How Fear and Greed in the Crypto Market Can Lead To Incredible Profit\u00a0<\/a><\/strong><\/em><\/p>\n<p>The stock market responded by collapsing overnight, and Bitcoin followed the crowd sentiment in a panic-induced selloff.<\/p>\n<p>After support at $7,500 failed, 30 minutes later <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> was below $6,000.<\/p>\n<p>And although the breakdown occurred at crypto analyst Jacob Canfield\u2019s first level of support, a previously impervious support still remains.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Don&#39;t panic. Think logically. Make your plan.<\/p>\n<p>There are two support levels to watch for on <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> <\/p>\n<p>The weekly 100MA ($7200-$7500) and the weekly 200MA ($5000-$5500) (where we bounced at $3400)<\/p>\n<p>Wait for a reaction. Be patient. <\/p>\n<p>No need to rush in front of a moving train. <a href=\"https:\/\/t.co\/U93T4k8Ksw\" rel=\"nofollow\">pic.twitter.com\/U93T4k8Ksw<\/a><\/p>\n<p>&mdash; Jacob Canfield (@JacobCanfield) <a href=\"https:\/\/twitter.com\/JacobCanfield\/status\/05772291?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 11, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The analyst says that investors shouldn\u2019t panic and instead should think logically and build a plan to act on.<\/p>\n<p>That plan should include considering taking a position in Bitcoin if and when it reaches the 200-week moving average.<\/p>\n<p>The long-term moving average <a href=\"https:\/\/wncen.com\/2019\/02\/07\/crypto-bitcoin-monthly-macd-bottom\/\">acted as Bitcoin\u2019s final bottom in early 2019<\/a>, just before it bounced all the way to $14,000.<\/p>\n<p>Another touch of the moving average could have a similar effect, causing <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> to rocket once again to new local highs.<\/p>\n<h2>What Happens if the Cryptocurrency Loses This Final Support?<\/h2>\n<p>The situation may look grave at the moment, with Bitcoin plummeting to the lowest price it\u2019s been in nearly a year, but given how strong this moving average is, it very well could save Bitcoin from falling to its doom.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/03\/09\/bitcoin-fate-bull-market-support\/\">The Fate of Bitcoin Rests On This Seven-Year Secular Bull Market Support\u00a0<\/a><\/strong><\/em><\/p>\n<p>A fall below the line, however, would be telling. The longest term moving averages are a <a href=\"https:\/\/seekingalpha.com\/article\/200748-the-200-week-moving-average-in-market-history\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">critical indicator for long term investors<\/a>, who would view the health and longevity of the asset as being in danger if it falls below such an important level.<\/p>\n<p>Such a move could spell the end for <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, and cause many to chalk the cryptocurrency up to being little more than a failed experiment that had potential \u2013 potential that proved to be not enough for the coronavirus and another recession.<\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Extreme panic over the coronavirus officially reaching pandemic status and the impact it may have on the economy caused Bitcoin to collapse this morning, falling from lows in the $7,500 range to as low as $5,800 at the time of this writing. Crypto investors are feeling more fear than they ever have before, but now is the time to be logical according to one crypto analyst, who claims that a remaining line of defense that\u2019s held up in the past could be the support that saves Bitcoin from total failure. Only This Moving Average Can Save Bitcoin From The Coronavirus Chaos Bitcoin\u2019s long-term logarithmic growth curve has been violated and a trend line dating back seven years of a secular bull market has now been breached. Bitcoin is back below $6,000 in a shocking move fresh on the heels of the latest developments surrounding the deadly coronavirus outbreak, including the virus hitting Hollywood, the world of sports, and causing a complete shutdown of International travel. Related Reading | How Fear and Greed in the Crypto Market Can Lead To Incredible Profit\u00a0 The stock market responded by collapsing overnight, and Bitcoin followed the crowd sentiment in a panic-induced selloff. After support at $7,500 failed, 30 minutes later Bitcoin was below $6,000. And although the breakdown occurred at crypto analyst Jacob Canfield\u2019s first level of support, a previously impervious support still remains. Don&#39;t panic. Think logically. Make your plan. There are two support levels to watch for on #Bitcoin The weekly 100MA ($7200-$7500) and the weekly 200MA ($5000-$5500) (where we bounced at $3400) Wait for a reaction. Be patient. No need to rush in front of a moving train. pic.twitter.com\/U93T4k8Ksw &mdash; Jacob Canfield (@JacobCanfield) March 11, 2020 The analyst says that investors shouldn\u2019t panic and instead should think logically and build a plan to act on. That plan should include considering taking a position in Bitcoin if and when it reaches the 200-week moving average. The long-term moving average acted as Bitcoin\u2019s final bottom in early 2019, just before it bounced all the way to $14,000. Another touch of the moving average could have a similar effect, causing Bitcoin to rocket once again to new local highs. What Happens if the Cryptocurrency Loses This Final Support? The situation may look grave at the moment, with Bitcoin plummeting to the lowest price it\u2019s been in nearly a year, but given how strong this moving average is, it very well could save Bitcoin from falling to its doom. Related Reading | The Fate of Bitcoin Rests On This Seven-Year Secular Bull Market Support\u00a0 A fall below the line, however, would be telling. The longest term moving averages are a critical indicator for long term investors, who would view the health and longevity of the asset as being in danger if it falls below such an important level. Such a move could spell the end for Bitcoin, and cause many to chalk the cryptocurrency up to being little more than a failed experiment that had potential \u2013 potential that proved to be not enough for the coronavirus and another recession. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":417919,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[43546,428,6664,39983],"class_list":["post-417917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-200-week-moving-average","tag-bitcoin","tag-crypto","tag-jacob-canfield"],"acf":[],"yoast_head":"\n<title>Don&#039;t Panic: This Previously Impervious Support Could Save Bitcoin<\/title>\n<meta name=\"description\" content=\"Extreme panic over the coronavirus officially reaching pandemic status and the impact it may have on the economy caused Bitcoin to collapse this morning,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/dont-panic-save-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don&#039;t Panic: This Previously Impervious Support Could Save Bitcoin\" \/>\n<meta property=\"og:description\" content=\"Extreme panic over the coronavirus officially reaching pandemic status and the impact it may have on the economy caused Bitcoin to collapse this morning,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/dont-panic-save-bitcoin\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-12T16:00:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-12T14:46:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/bitcoin-crypto-support-200-week-moving-average-shutterstock_740450764-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1708\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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