Bitcoin: Smma closing below, say goodbye to your Lambo.
Bitcoin might not go to the moon as lots of people shout since some time, with very high probabilities, IF :
Bitcoin closes below the 200 Smma for several days (pink) , which would settle Bitcoin trapped inside a defined bear market.
Settling below means we will see, still with very high probabilities, this famous slow and long decline of value type of pattern, that might create a buy opportunity if a market cycle restarting pattern occurs (slow start of a parabolic upward move with a pattern resting above the 200 Smma).
Bitcoin is right now resting on it, for the 3rd time in a few months, which is in my opinion a big red flag.
Simple moves are most of the time the best for a simple asset that is based on nothing but just speculation like Bitcoin: Smma for the main trends, Fibonacci levels for falling knives catching entertainment.
Bitcoin closes below the 200 Smma for several days (pink) , which would settle Bitcoin trapped inside a defined bear market.
Settling below means we will see, still with very high probabilities, this famous slow and long decline of value type of pattern, that might create a buy opportunity if a market cycle restarting pattern occurs (slow start of a parabolic upward move with a pattern resting above the 200 Smma).
Bitcoin is right now resting on it, for the 3rd time in a few months, which is in my opinion a big red flag.
Simple moves are most of the time the best for a simple asset that is based on nothing but just speculation like Bitcoin: Smma for the main trends, Fibonacci levels for falling knives catching entertainment.
Comment:
Simple moves are most of the time the best for a simple asset that is based on nothing but just speculation like Bitcoin AND based on a Tiny 50 years old Bank from Argentina that allows his customers to transfer money to other users using Bitcoin as a rail to bypass Swift, which is completely different than banks using Xrp from crossborder payments.
Comment:
Btc just entered a "Bear market" getting below the 200 MA for the 3rd time in a few months.
If it closes and remains below, this is probably gonna be catastrophic.
If it closes and remains below, this is probably gonna be catastrophic.
Comment:
Rsi at 20, and close to the trend line, we should normally see a bounce pretty soon.
As we have to expect two different directions always when analyzing an asset, if Btc does not bounce on this trend line and goes below, this could create a panic sell from users that are holding Bitcoin with more motivation than the regular persons who sold during the february panic. In summary, going below this trend line could scare the "tougher hodlers", and if this happens, well, the chart won't look good for the "hodling until death" maniacs.
Let's see!
As we have to expect two different directions always when analyzing an asset, if Btc does not bounce on this trend line and goes below, this could create a panic sell from users that are holding Bitcoin with more motivation than the regular persons who sold during the february panic. In summary, going below this trend line could scare the "tougher hodlers", and if this happens, well, the chart won't look good for the "hodling until death" maniacs.
Let's see!
Comment:
Too early to say if it is the "bounce of the trendline", but as Btc bounced after forming a fulcrum bottom hs, it could be this bounce, i do not know yet.