Bitcoin SMA 200 is the current major support

Bitcoin is currently staying strongly above the 200 SMA level.
Usually 200 SMA line acts as a strong support or resistance level. We can expect BTCUSD to stay above 200 SMA and bounce back from that level.
If BTCUSD breaks 200 SMA then we can see a sudden drop in BTC price upto 22000.
In the last 3 weeks we did not see a major drop in bitcoin price (we had sudden pump and dump in bitcoin price but it failed to move it below 25K. )
Given the way BTC price is moving I expect it to stay above the 200 SMA level, may be we can see a small wick moving below it but nothing more than that.
Once it bounces back from the 200 SMA area we are in for a huge upward momentum, we can use the 200 SMA a stoploss level and enter a LONG position after clear bounce back.

Let's wait and see how market reacts.
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GreenCrypto