After having made a big research i think that we can expect more dump on Bitcoin. I have made a weekly time frame analysis and saw too much coincidences with the previous bull market(2018) downside movement. But i will go first with more recent time, we will look a that later. At the moment we can see a clear double top pattern with the highs of April and November of last year witch is a bearish one and then more recently we have a breakdown of the major support at 32500$-28500$ zone with a wick touching 25400$ and a retest of it touching 32400$ .
Okay, now the coincidences:
At the previous bull market we can see a cross down between the exponential moving averages 21 and 55 on a weekly chart, thing that is not usual in Bitcoin, you only see it every few years and it is very likely to be followed by a downside move continuation. Now the same phenomenon was produced the first days of may.
Then in the last bull market it was followed by a -50% move and now if you draw a -50% measure from the may's cross down the end of the -50% move coincides with the last bull market high 20k.
I conclusion Bitcoin may kiss the 20k level and i think that that will be the bottom of this cycle if 25.4k wasn't.
This is only my opinion and pure speculation, not a financial advice, do always your own research.
Okay, now the coincidences:
At the previous bull market we can see a cross down between the exponential moving averages 21 and 55 on a weekly chart, thing that is not usual in Bitcoin, you only see it every few years and it is very likely to be followed by a downside move continuation. Now the same phenomenon was produced the first days of may.
Then in the last bull market it was followed by a -50% move and now if you draw a -50% measure from the may's cross down the end of the -50% move coincides with the last bull market high 20k.
I conclusion Bitcoin may kiss the 20k level and i think that that will be the bottom of this cycle if 25.4k wasn't.
This is only my opinion and pure speculation, not a financial advice, do always your own research.
Comment:
Aproaching