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jamesdbarnard
May 12, 2022 9:08 PM

Bitcoin recession or moon 

Bitcoin Liquid IndexBrave New Coin

Description

Updated EIW theory for btc

As we continue to fall it appears inevitable that we will arrive at 21K

What happens once we arrive here will be determined by the stocks and global financial markets

If we enter a recession the yellow path will be followed

Alternatively if the markets begin to recover the stage will be set for BTC and crypto to fly to the moon

Comments
jamesdbarnard
Worth noting that the orange trend line represents the weekly 200SMA where we should find some support

I do however belive that the purple line representing the weekly 300SMA will be the most likely area for a bottom with a possible wick down to $19,772

Historically these two SMA's have held up the price and signalled the bottom on previous dumps

In any case I do not think we are done with the downtrend as for me we are only a 3rd of the way through this bear market at best. With the impending 3D 'death cross' around the corner too which is all but certain to seal our fate
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