Thread: RIP Bitcoin

chartists are looking to see if btc closes below 7611 today. if it does, it'll be the official end to the long term btc bull run (according to charts).

btc hasn't traded below the 50-week MA since Oct 2015:

https://www.coindesk.com/bitcoin-fac...-in-2-5-years/

Omkar Godbole
May 25, 2018

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With the bears already on the offensive following the recent sell-off, prices are likely to suffer if bitcoin closes on Sunday below the key support, currently seen at $7,611.

More worryingly for the bulls, since the cryptocurrency has not traded below the 50-week MA since October 2015, acceptance below that level would only add credence to the argument that the long-term bull run has ended.

As seen on the chart above, the long-term moving average had acted as a strong support in the first quarter. BTC found strong bids in mid April following the repeated failure (marked by a circle) on the part of the bears to penetrate the 50-week MA.

Subsequently, the rally from the 50-week MA to $9,990 (May 5 high) reinforced the moving average as a strong long-term support. Hence, a downside break would raise the odds of a slide to fresh 2017 lows below $6,000.