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Is This Again A Bear Market as Bitcoin Falls 1400$ In One Single Week

Is This Again A Bear Market as Bitcoin Falls 1400$ In One Single Week
This week, equity markets had their worst week in 12 years, and when this collapse happened, the crypto market also saw a blow.
Cryptocurrency market had a significant sell-off this week, and this result is relatively reasonable given that people are selling their assets for fear of possible economic instability. Other safe havens such as gold and silver also saw a massive sell-off on Friday.
Will the crypto markets find support in the coming weeks, or will we see a sustained downward trend in momentum?

The Selloff takes place after Bitcoin lost key support at $ 9,400

Bitcoin's price found resistance at $ 10,400, after which a test of $ 9,400 support was urgently needed. The $ 9,400 level was unable to provide sustained support, and when the price fell, it resulted in a significant sell-off across the crypto market.
https://preview.redd.it/dom124n3s9k41.png?width=1087&format=png&auto=webp&s=b4c6c6d6cb94bea2bb8df50053e8e5949018bfde
The sell-off led to the next support range of $ 8,200 to $ 8,400, and many horizontal levels are in place to provide potential temporary support and space for an aid rally.
However, in the short term, many believe that the upward momentum is outside the markets as Bitcoin's price reaches a lower low (a key indicator of downward momentum) in the daily timeframe.
Does this mean that the entire crypto market will reverse course and start to decline? Not at all. Bitcoin's price is still 27% higher than January 1st, making Bitcoin one of the most powerful assets of the year.

The weekly chart focuses on the 21-week MA

The weekly chart is currently based on an exciting MA (Moving Average), namely the 21-week MA. The previous bull cycle held this level as support for the bull summit in December 2017, which makes it an interesting indicator for bulls to hold onto.

https://preview.redd.it/eh2aj4ffs9k41.png?width=1082&format=png&auto=webp&s=4c92e910e8b1ae5b45757f3a9e59feb2517cacd1
If the price could find support at this level, it could mean that the upward momentum will continue in the coming period.
The weekly chart also clearly shows the massive sell-off of the past week. However, it is currently based on potential support. Holding the green zone at $ 8,400 would be in line with the 21-WMA and may grant an aid rally.
For sustained upward momentum, it is critical that a break from the previous high of $ 10,400 take place, but such a move could take some time. The market must find support before these levels can be reached.

If the Bitcoin price at $ 8,400 doesn't find support, the next target is $ 7,500 to $ 7,700.
submitted by jakkkmotivator to thecryptobasic [link] [comments]

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