As u can see we are still on track in longer term bull-trend. As others have pointed out on Trading View already, BTC is repeating it's previous bull fractal in a reversed form, which projects a aprox. bottom at around 2500 to 3500$. Thus I'm expecting it to hold the lower support-levels in this fib-resistance-fan. I don't even try to dare to predict a possible upward peak. Let's leave that quiet unpredictable parameter to the market itself! ( ;
Bear-cycles are beautiful! It gives the people, who see the real beauty in distributed ledger cryptos, a chance to accumulate more crypto in exchange for their FIAT-crab!
It's hard to say when we'll see a "reversal", (we could pretty much go sideways for a bit) but its coming your way next year guys!
And then anybody will be trying to hop on the hype train again. So, buy a ticket before the masses come in, learn from history, cheers!
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As @Dashtothetop pointed out, it's important to wach the MA 200 and 50. which are currently indicating downwards momentum. But MACD is maybe indicating a reversal due to crossing and pointing up.
does no one understand that the 200 DMA is about the only thing that matters. If the 200 DMA is moving down, momentum is down. Momentums clear shift, is when the 50 MA is above the 200 ma and both lines are moving up ward
Lou322
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@Dashtothetop, Yes, I totally agree! 200 MA and 50 MA just crossed between Mar. 31h and Apr. 1th. Since then momentum was conformably on the downside due to MA.
But 200 MA and 50 MA went really close to each other around Nov. 10th, right before we took a mayor hit from 6500 to were we are at right now. Thus momentum in terms of these moving averages is now pointing down very much.
I just wanted to point out that there are strong support levels between 2500 to 3000$. And that we could shift soon.
If you look at MACD on Daily you can see a possible momentum shift. MACD just crossed and is pointing up. Relative Strength Index is also regaining. What do you think about that?
Padlomfaan
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@Lou322, That moment around nov 10 had the 50 BELOW the 200, and the 200 was moving down.. The high probability trade was bearish. Even a spike to the 200 or above it, is very likely to get sold off. It would need sustained spikes over time that will eventually get both the 50 and 200 to switch positions, from one below the other and moving down, to one above the other, AND both moviing upwardss
Padlomfaan
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@Lou322, I have not figured out how to use this for trading, but here we see bitcoin new highs coincide with a "weakening" dollar and long bears with a "strengthening dollar. Whats interesting about bitcoin... is that it CREATES DEMAND for DOLLARS in multiple ways... Does the fed attempt to weaken the dollar soon... So, we can see a correlation but im not sure how to trade it.
The best I have found in my decades trading, and this info is particular of BTC... Use godmode for reversal signals. Watch the 50 and 200 MA Daily. and learn and understand the mayer multiple.