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Why Bitcoin will not drop to 8K2 but likely rebound

After “destroying” many levels of support, some people feel that BTC will likely test the area of ​​nearly $ 8,000. However, this is unlikely to happen.

Price will hold above the 200 WMA line

In a tweet on Wednesday (February 26, 2020), PlanB identified $ 8,200 as the bottom of the current downtrend.

The bottom of $ 8,200 is still standing. It would really be “an unprecedented thing” if this level is broken, never happened before.

PlanB's claim is based on Bitcoin's historical behavior, as their price has never dropped below the 200-week moving average (WMA).

Therefore, based on past performance, it is unlikely that Bitcoin price will continue to slide down to this level to create new lows for 2020.

Dropping below 200 WMA will also signal failure to predict prices provided by the S2F model. PlanB's S2F is by far the most accurate Bitcoin price prediction model in history.

PlanB's latest tweet is a repeat of predictions made in early February, saying that Bitcoin price will be above $ 8,200 and when Halving takes place it will be above $ 10,000.

Bitcoin will bounce back

In the course of the price decline, the main uptrend line with support at $ 9,580 was broken, as above chart daily BTC / USD pair. Bitcoin even dropped below the $ 9,000 support level.

Currently, the price is approaching the support zone of $ 8,450 (previous breakout area). It coincides with the Fib 50% retracement of the most recent rally, from a low of $ 6,425 to $ 10,521.

The immediate immediate support is near $ 8,300 and the 100-day SMA. Therefore, Bitcoin is likely to find strong buying interest near the support of $ 8.45 and $ 8.300, so they can recover strongly.

On the other hand, the initial resistance is near the $ 9,000 level. A successful close above $ 9,000 and $ 9,020 is likely to add momentum to the new rally in the coming days.

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