Tastemaker

Next major stop for Bitcoin: 100MA on the Weekly chart?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Here we take another look at the 2014-15 correction channel and compare it to the current path Bitcoin is taking. The similarities so far are undeniable, both with the price and RSI action (although BTC seems to be moving a bit faster this time around).

If this continues, the 100MA will be next.

I think the trend will soon change.
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Tastemaker pkb6698
@pkb6698, I do agree that we'll see a bounce happening soon, but not convinced yet we'll see a larger trend reversal. It appears as though the monthly is about to close below the 12MA, which is another long term bearish signal overall.


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pkb6698 Tastemaker
@Tastemaker, Yes, we can't predict a larger tread reversal, but there is a good signal for the trend change. And have been supported by 200 EMA(Week).
+1 Reply
Tastemaker pkb6698
@pkb6698, No doubt there is potential in this area. Some bullish signals and a lot was intersecting at 5.7k. That 100EMA has been holding so far. Clearly these supports will not go down easy.
Reply
pkb6698 Tastemaker
@Tastemaker, I also trust the support area of ​​5K on the one hand, but I just hope it will not be the same as 2014.
Reply
Tastemaker pkb6698
@pkb6698, Hopefully not. Tonight's monthly candle close is something to keep an eye on. Not only will the monthly will close below the 12MA (which is not a good sign), but it is currently teetering on the edge of the 6430 support shelf, which is the last shelf on the monthly before 5k.
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