BITCOIN, Moving Averages - New Bearish Cycle?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
There is no doubt, at the moment the crypto market is in a bullish cycle, buy volumes are much higher than selling ones. However, every trend needs correction. Today I want to consider 1-Day BTC/USD chart to show you when should we expect the correction and how far will it go. Usually, moving averages (MA20) and exponentials moving averages (EMA20) illustrate a trend condition very clearly. The majority of traders use these tools to find the main resistance and main supports.

The first SHORT cycle started from $6300 and ends at $3200 which is ±50% profit. This SHORT we will take as a starting point, as it was the first strong movement of the new market trend. The second cycle was LONG - the correction of a last big fall, a growth from $3600 - $4200, which is ±22% profit. The third cycle - SHORT, the price was moving in a tight corridor, there was a flat, however, we can mention some downward movements from $3800 to $3300 which is ±13% profit. The fourth cycle was LONG and it is the most interesting and valuable one, price pumped from $5600 to $9100 = ±160% profit. No comments. The FIfth cycle (the actual one) - SHORT, again. The main resistance of this cycle is located at the $8200 level, the main support is located at the $7000 - $6625 zone. In case this level will be broken - we have supports at $6200 and $4650.

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Bitcoin about to break another resistance. After this one aiming for $8,330

+2 Reply
The Bears House...

Bitcoin is looking bullish right, what's your take?
+3 Reply
Thanks, very easy to understand and trade
How are you coming up with $4650? I see the horizontal resistance/support levels above there around 5600 - 4900 (also reflected on the volume profile), but nothing that points to this level. Could you clarify?
+1 Reply
Whenever an idea gets too popular, maybe best to take the road less traveled.

+3 Reply
I could see it finding support around 6400/6600 before more movement upward
+1 Reply
So far so good on your awesome analysis! we touched $8200 today but Is a fairly strong resistance. We are up 8% so far this week on BTC and look forward to what the rest of the week brings!
+1 Reply
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