PANews reported on November 14th that trader Eugene Ng Ah Sio stated in a post on his personal channel that Bitcoin's breach of the $100,000 mark was primarily due to two reasons. First, the 50-week moving average, the last line of defense for the current bull market structure, has been officially broken, marking the first time this has happened in 22 years. Second, $100,000 is a very strong psychological level, having been breached 3 or 4 times previously; its breach this time will now become a new resistance level for further upward movement. Therefore, Eugene stated that he will not attempt to buy the dip at this time and will instead consider $90,000 as the next level to watch.PANews reported on November 14th that trader Eugene Ng Ah Sio stated in a post on his personal channel that Bitcoin's breach of the $100,000 mark was primarily due to two reasons. First, the 50-week moving average, the last line of defense for the current bull market structure, has been officially broken, marking the first time this has happened in 22 years. Second, $100,000 is a very strong psychological level, having been breached 3 or 4 times previously; its breach this time will now become a new resistance level for further upward movement. Therefore, Eugene stated that he will not attempt to buy the dip at this time and will instead consider $90,000 as the next level to watch.
Trader Eugene: Bitcoin has fallen below the bull-bear dividing line; $100,000 will become the new resistance level for further gains.
PANews reported on November 14th that trader Eugene Ng Ah Sio stated in a post on his personal channel that Bitcoin's breach of the $100,000 mark was primarily due to two reasons. First, the 50-week moving average, the last line of defense for the current bull market structure, has been officially broken, marking the first time this has happened in 22 years. Second, $100,000 is a very strong psychological level, having been breached 3 or 4 times previously; its breach this time will now become a new resistance level for further upward movement. Therefore, Eugene stated that he will not attempt to buy the dip at this time and will instead consider $90,000 as the next level to watch.
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