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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Don’t Panic: This Previously Impervious Support Could Save Bitcoin

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
bitcoin crypto 200 week moving average

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Extreme panic over the coronavirus officially reaching pandemic status and the impact it may have on the economy caused Bitcoin to collapse this morning, falling from lows in the $7,500 range to as low as $5,800 at the time of this writing.

Crypto investors are feeling more fear than they ever have before, but now is the time to be logical according to one crypto analyst, who claims that a remaining line of defense that’s held up in the past could be the support that saves Bitcoin from total failure.

Only This Moving Average Can Save Bitcoin From The Coronavirus Chaos

Bitcoin’s long-term logarithmic growth curve has been violated and a trend line dating back seven years of a secular bull market has now been breached.

Bitcoin is back below $6,000 in a shocking move fresh on the heels of the latest developments surrounding the deadly coronavirus outbreak, including the virus hitting Hollywood, the world of sports, and causing a complete shutdown of International travel.

Related Reading | How Fear and Greed in the Crypto Market Can Lead To Incredible Profit 

The stock market responded by collapsing overnight, and Bitcoin followed the crowd sentiment in a panic-induced selloff.

After support at $7,500 failed, 30 minutes later Bitcoin was below $6,000.

And although the breakdown occurred at crypto analyst Jacob Canfield’s first level of support, a previously impervious support still remains.

Don't panic. Think logically. Make your plan.

There are two support levels to watch for on #Bitcoin

The weekly 100MA ($7200-$7500) and the weekly 200MA ($5000-$5500) (where we bounced at $3400)

Wait for a reaction. Be patient.

No need to rush in front of a moving train. pic.twitter.com/U93T4k8Ksw

— Jacob Canfield (@JacobCanfield) March 11, 2020

The analyst says that investors shouldn’t panic and instead should think logically and build a plan to act on.

That plan should include considering taking a position in Bitcoin if and when it reaches the 200-week moving average.

The long-term moving average acted as Bitcoin’s final bottom in early 2019, just before it bounced all the way to $14,000.

Another touch of the moving average could have a similar effect, causing Bitcoin to rocket once again to new local highs.

What Happens if the Cryptocurrency Loses This Final Support?

The situation may look grave at the moment, with Bitcoin plummeting to the lowest price it’s been in nearly a year, but given how strong this moving average is, it very well could save Bitcoin from falling to its doom.

Related Reading | The Fate of Bitcoin Rests On This Seven-Year Secular Bull Market Support 

A fall below the line, however, would be telling. The longest term moving averages are a critical indicator for long term investors, who would view the health and longevity of the asset as being in danger if it falls below such an important level.

Such a move could spell the end for Bitcoin, and cause many to chalk the cryptocurrency up to being little more than a failed experiment that had potential – potential that proved to be not enough for the coronavirus and another recession.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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