bitcoin Evaluating the price of Fairlead Strategies founder Katie Stockton made remarkable statements. Losing its long-term positive momentum, according to Stockton BTCmay oscillate for months in a restricted region where it will set new support points.
At the time of this writing, it was traded at $ 38,700. bitcoinis 44% lower than the $69,000 record it set in November. According to Stockton, BTC’s short-term and long-term momentum values are in neutral territory, while medium-term momentum values are in favor of the bear.
The famous CEO believes that the long-term momentum is also collapsing, as the MACD value hints in favor of the bear in the monthly outlook, although BTC escaped falling below a critical support point of $37,400.
Stockton explained his views on the subject as follows: “With the ‘bear’ signal appearing on the MACD indicator on the monthly chart, we can now define the long-term momentum as neutral. The effects of loss of long-term momentum can last 6 to 20 months. During this time, Bitcoin price can be traded from a restricted area.”
“If $37.400 Support Is Broken, $27.200 Level Will Become New Support”
According to the analyst, the main critical point will occur if the BTC price fails to hold the support at $ 37,400. Stockton said that unless Bitcoin closes below this level for two consecutive weeks, the support point will not be considered broken.
The analyst commented on a descent below this level as follows: “The next support point below $37,400 could be the $27,200 level. There may also be a temporary defense at the $30,000 level.”
If this comment of the analyst is realized, the BTC price will have lost 30% of its value from its current level.
*Not investment advice.