BTC on 1D Timeframe
Let's see where this downtrend takes the premier crypto. We closed beneath the 50 day moving average yesterday.
The downtrend will pick up momentum as the psychology of the market changes. This is where the supports in the 12,000 handle are pretty important.
If we break beneath, this is what is going to happen:
First, we will stop dismissing every news article as FUD. Then, we will stop saying BTFD. Then, we will change our minds and agree we've turned bearish. Lastly, some of us will panic and capitulate.
Then and only then, do we buy back in again.
Vik Li - It's not the 200 dma, but it's a step in the right direction.