Crypto analyst Jacob Canfield says traders should tread lightly – warning Bitcoin (BTC) may be nowhere near hitting a bottom.
He’s tracking BTC’s weekly moving averages to identify the next key levels of support.
“Don’t panic. Think logically. Make your plan. There are two support levels to watch for on Bitcoin.
The weekly 100MA ($7,200-$7,500) and the weekly 200MA ($5,000-$5,500) (where we bounced at $3,400) Wait for a reaction. Be patient. No need to rush in front of a moving train.”
As the leading cryptocurrency continues to show red and traditional markets take a prolonged beating, another top analyst is outlining $7,700 as a key short-term level to watch.
Economist Alex Krüger says BTC bulls should now be on high alert.
“The BTC outlook is extremely uncertain in this market environment….
Technically, below $7,700 the BTC 2020 bull trend is over. The next levels are the $7,400-$7,200 area, $6,800 and $6,400.
Above $8,500 it’s back to bullish territory. That said, I think this time and for the first time the macro is more important than BTC’s technicals.”
Bitcoin is at $7,786 at time of publishing, down 2.02% in the last 24 hours.
Most of the crypto market is once again in the red, with Tezos, Bitcoin SV, Litecoin and Ethereum all down 5% or more.