Bitcoin is now trading pretty far below the weekly 50MA I talked about a few days ago. This happened three times before and each time BTC dumped by another 53-68%. Last time it happened, BTC recovered within a few weeks - but the two times before that, it took BTC 1 to 1.5 years to recover. By recover I mean get back above the 50W MA, in this case 30,000 dollars, and not get back to its ATH.
However, there is one exception: In late 2019, BTC was trading around that level for a few weeks, spending a good part of it below the moving average. We could see the same thing now, meaning BTC going back up despite trading below the 50W MA, but I'm still leaning towards the possibility of another big leg to the downside.
