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WizardsHat
@thewizardshat.eth
$Bitcoin's current downtrend mirrors the previous cycle. If the pattern holds, support could form above the 100WMA (~$75K), with a reaccumulation phase lasting a few weeks.
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WizardsHat
@thewizardshat.eth
Also losing that support, and resistance formation below that would probably lead us to bear cycle confirmation which would be worse for all of us. It’s too early to comment the next step, but yes important levels are at play right now. On MVRV ratio side once we lose 1.5, we could head to bear cycle.
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