Price has broken out of rising wedge (BTC to break below 15K)
I know this may be a very unpopular call regarding the current optimism around bitcoin and cryptos on the whole but I thought I would share this. I should have probably shown my detailed analysis in a video but I thought I would post this primer first. Usually anytime bitcoin hits a new peak, it takes about a 9-11 months for price to correct to its 200 weekly SMA.
See below on weekly chart:
17 Dec 2017 (Peak) - 10 Dec 2018 (Bottom)
24 June 2019 (Peak) - 09 March 2020 (Bottom)
19 April 2020 - ???
I understand the current peak this time is exponentially high compared to previous peaks but this was influenced by money factors including economic shut down due to pandemic, monetary and fiscal policies in major economies due to pandemic etc. With this in mind if re-opening of economies goes as planned with no major setbacks, there is a chance for bitcoin to correct to its 200 weekly average.
Note that the price indications I have made on the chart for price movement to below 15K is only for illustration purposes.
Disclaimer: This is not a financial advice. This is just my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me.
See below on weekly chart:
17 Dec 2017 (Peak) - 10 Dec 2018 (Bottom)
24 June 2019 (Peak) - 09 March 2020 (Bottom)
19 April 2020 - ???
I understand the current peak this time is exponentially high compared to previous peaks but this was influenced by money factors including economic shut down due to pandemic, monetary and fiscal policies in major economies due to pandemic etc. With this in mind if re-opening of economies goes as planned with no major setbacks, there is a chance for bitcoin to correct to its 200 weekly average.
Note that the price indications I have made on the chart for price movement to below 15K is only for illustration purposes.
Disclaimer: This is not a financial advice. This is just my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me.