Hi everyone,
Thank you for considering reading my idea.
In the past cycles, whenever we close below at 50 Week Moving Average (yellow line), we tend to dump down to the 200 Week Moving Average (green line). It seems like closing below 50 week MA indicates the start of the bear market except of course back in March 2020 which is the COVID black swan event.
This pattern happened 3 times before and 100% of the time, it goes down to the 200 week MA. Just last week was the 4th time we closed below the 50 week MA.
Last week, we closed the weekly candle below the 50 week MA at $41,875. In 10 hours as of this writing, we will close another weekly candle. Currently, the 50 week MA is at $48,570.13. It may be impossible to pump 5k+ in 10 hours.
It seems like as long as we stay below the 50 week MA, we may go down to the 200 week MA (currently at $19,141.59). We may still go back up to the $48K levels but it may be hard for Bitcoin to go past that. I may be wrong where Bitcoin pumps hard past 48K and makes new ATH but let's see what would happen in the next few weeks.
Like this idea and follow me for more analysis like this. NFA . TAYOR. DYOR.
Cheers,
Juvs
Thank you for considering reading my idea.
In the past cycles, whenever we close below at 50 Week Moving Average (yellow line), we tend to dump down to the 200 Week Moving Average (green line). It seems like closing below 50 week MA indicates the start of the bear market except of course back in March 2020 which is the COVID black swan event.
This pattern happened 3 times before and 100% of the time, it goes down to the 200 week MA. Just last week was the 4th time we closed below the 50 week MA.
Last week, we closed the weekly candle below the 50 week MA at $41,875. In 10 hours as of this writing, we will close another weekly candle. Currently, the 50 week MA is at $48,570.13. It may be impossible to pump 5k+ in 10 hours.
It seems like as long as we stay below the 50 week MA, we may go down to the 200 week MA (currently at $19,141.59). We may still go back up to the $48K levels but it may be hard for Bitcoin to go past that. I may be wrong where Bitcoin pumps hard past 48K and makes new ATH but let's see what would happen in the next few weeks.
Like this idea and follow me for more analysis like this. NFA . TAYOR. DYOR.
Cheers,
Juvs
Comment:
Still waiting if we're going to reject 46-48k.
