Hi traders!
So we have seen quite a bit of downside for bitcoin and the current patterns for bitcoin haven't looked so great. Currently, our daily candles with the 20 day are below the 200 day moving average, and the 20 and 50 day moving averages are coming below the 200 and 100 moving averages respectively. The local pi cycle top also came in May for bitcoin.
However, let's look at 2013 and 2014 on the daily. We see there were actually TWO pi cycle tops! The 20 moving average fell below the 100 day moving average. It took approximately six months from that pi cycle top for it to be retested again. Extrapolating that information, we may not see a retest of the 64k USD all time high til November of this year.
The one thing to note though is the fact that this time around the 20 day moving average is below the 200 moving average. This is the big concern on whether it is gonna be a short bear market for a few months like 2013/2014 or if it will go longer like 2018 and 2019.
So we have seen quite a bit of downside for bitcoin and the current patterns for bitcoin haven't looked so great. Currently, our daily candles with the 20 day are below the 200 day moving average, and the 20 and 50 day moving averages are coming below the 200 and 100 moving averages respectively. The local pi cycle top also came in May for bitcoin.
However, let's look at 2013 and 2014 on the daily. We see there were actually TWO pi cycle tops! The 20 moving average fell below the 100 day moving average. It took approximately six months from that pi cycle top for it to be retested again. Extrapolating that information, we may not see a retest of the 64k USD all time high til November of this year.
The one thing to note though is the fact that this time around the 20 day moving average is below the 200 moving average. This is the big concern on whether it is gonna be a short bear market for a few months like 2013/2014 or if it will go longer like 2018 and 2019.
