BITCOIN The 135DMA Calleth "Arise, Bitcoin, Get Up and Walk!"
Hi Everybody,
Bitcoin price pretty blah lately, but we're rattling around inside of a symmetrical triangle, with a breakout imminent within the next few days. Bullish action on the 14D RSI, and in the last 7 years once below the 135DMA, Bitcoin has not gone more than 117 days without being reunited with the 135DMA, so considering we're currently sitting at 82 days since we were last hanging out with the 135, it's looking like we should be making a move higher within the next month, probably somewhere near $5k.
This isn't to say that it won't reach that point and fall back down again, but I don't see us breaking down significantly from here. We are very oversold and that kind of price action would contradict much of the movement we have seen for the past 7 years. Also, it is interesting to note that the last time we stayed below the 135DMA for 117 days also happened to be the bottom of the market at the end of 2014 and early 2015. This shines a light on how weak the price has been recently. So, we will see how this plays out, but I'm thinking we're going higher in the short term, most likely to be rejected by the 135DMA back down to support somewhere in the mid to high 3's, and then we will re-evaluate from there.
Best of luck out there!
Bitcoin price pretty blah lately, but we're rattling around inside of a symmetrical triangle, with a breakout imminent within the next few days. Bullish action on the 14D RSI, and in the last 7 years once below the 135DMA, Bitcoin has not gone more than 117 days without being reunited with the 135DMA, so considering we're currently sitting at 82 days since we were last hanging out with the 135, it's looking like we should be making a move higher within the next month, probably somewhere near $5k.
This isn't to say that it won't reach that point and fall back down again, but I don't see us breaking down significantly from here. We are very oversold and that kind of price action would contradict much of the movement we have seen for the past 7 years. Also, it is interesting to note that the last time we stayed below the 135DMA for 117 days also happened to be the bottom of the market at the end of 2014 and early 2015. This shines a light on how weak the price has been recently. So, we will see how this plays out, but I'm thinking we're going higher in the short term, most likely to be rejected by the 135DMA back down to support somewhere in the mid to high 3's, and then we will re-evaluate from there.
Best of luck out there!
Comment:
And we got our move which I was anticipating.
