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Bitcoin’s Future seems bleak at best

The crypto market is a highly complex place which consists of huge rewards and even bigger risks. It is a highly volatile market and truly has an infinite number of factors which influence its movement. From a tweet from Elon Musk to a random meme taking its place as a high potential crypto currency, there is no telling what will set this market off.
Bitcoin, one of the biggest and well-known crypto currencies, took a hit at the start of this past weekend. In an attempt to raise it high and push for an above $37,000 position the bulls lost the support which was imperative for the coin to take its place amongst the clouds. BTC fell 5.2% to $33,849. ETH or Ether fell 6.3% and now stands at $2,300. Bitcoin needs to reassert itself to the $37,000 mark and ETH needs to stay put at $2,300 as support if they have any hope to avert a bull-market-ending price action.
The market is basically a Bear and Bull playground. It’s balance; the bears want to bring the levels down and the bulls want the levels to shoot up. The WMA (Weekly Moving Average) decides which part of the playground you enjoy or regress in. The 20 WMA tells us that Bitcoin is currently in the Bear zone and needs to find stable ground immediately. If BTC continues to take the fall further and finds a cosy spot in the low $30,000s then the 20 WMA will certainly be the biggest obstacle in its way to the top.
The next week is essential to determine to the future of this digit currency. In my honest opinion, BTC needs to be on the defensive right now and should have the bigger ball game in its view. Not falling further is the best that can be done right now. Bitcoin needs to wait for the right opportunity and STRIKE.

Source: Bernard Marr

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