m44kka

BTC - Market top analysis

Long
BITSTAMP:BTCUSD   Bitcoin
Hello Traders, as Bitcoin approaches the middle of the logarithmic bands for the fourth week in a row, a breakout from this range could send BTC in its final leg for this market cycle. As of today the middle band is at 52,162 USD. The more times a resistance is tested the weaker it becomes and i feel another attempt to break past this level will lead to a breakout. Although not necessary, a retest of the middle band to confirm it as support will not be the worst thing for this cycle. Furthermore, the 8 weekly moving average acted as in important support for the market cycle in 2013 and has done so the same for the first leg of this cycle. Towards the end of September the 8WMA will cross the middle band and hence a confirmation of support on both will be lead to a huge rally and possibly towards the top of the logarithmic band. Depending on how long this cycle will last, the longer better chances of a higher market top. However, for all we know we can over or under shoot this estimate. My predictions stand as between 120 - 150k and ending early as Q1 2022.

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