Long term moving averages are catching up and providing support
It looks like long term moving averages are catching up and providing significant support.
Some of them have never really been violated (besides some quick dips), ever.
Like this 4 year simple moving average:
It's now all the way up to $5k.
That means price is unlikely to ever go below $5k for any length of time again if past history continues to play out in a similar fashion.
At some point this will stop being true, but not right now.