We won't see prices below $17k again leading into 2024 Halving
We start our fibonacci retracement from the start of Covid in March 2020. The 50 MA maintained above the 500 MA until roughly a year ago in February 2022, where it confirmed a "Death Cross". This was leading right into the 2 year anniversary of Covid and the start of an aggressive series of Fed rate hikes. A year later, we have hit rock bottom and hopefully many of you were able to accumulate below the .786 fibonacci retracement level ($17,720).
We are now in a position where the 50 MA has already confirmed a "Golden Cross" with the 200 MA. The 50 MA is now approaching the 500 MA which will secure the long term zone above the $20k support line leading into the halving of 2024. To understand the bigger picture of what is happening, the last time the 50 MA formed a "Golden Cross" with the 500 MA was in August of 2019 (leading up to the halving event of 2020). Once again, we are approaching another 50 MA "Golden Cross" with the 500 MA leading up to another halving event. Keep you eyes on this area long term. All of the indicators from the start of 2016 are pointing in a long term up trend and is setting up perfectly for another halving event (2024).
We are now in a position where the 50 MA has already confirmed a "Golden Cross" with the 200 MA. The 50 MA is now approaching the 500 MA which will secure the long term zone above the $20k support line leading into the halving of 2024. To understand the bigger picture of what is happening, the last time the 50 MA formed a "Golden Cross" with the 500 MA was in August of 2019 (leading up to the halving event of 2020). Once again, we are approaching another 50 MA "Golden Cross" with the 500 MA leading up to another halving event. Keep you eyes on this area long term. All of the indicators from the start of 2016 are pointing in a long term up trend and is setting up perfectly for another halving event (2024).