I believe we have a great bottom floor at 5k area. (MA100, fib.ret .786%, trend-line)
If you look back to 2015, you'll see the importance of MA100 on 2W frame.
Another important and significant indicator-due to look after is MA21 and MA50, and how their relation to MA100.
If we see a big gap between MA100 and MA21-MA50, we will se action to correct that.
We can see the biggest gap in 30th of June 2018. We had a correction after that.
Here is why this bounce is so important.
It bounced at MA100 and the trend-line from 2016
It bounced just enough to make a 1st wave, and to close the gap between MA21/MA50 to each other, and their relation to MA100.
What I believe is that we will see another gap closing so MA21/MA50 can return to minimize the gap to MA100 before a new journey.
This gap closing action will effect the price to fall, in other way we can't close the gap in such short time as we need when halving is ahead. If price falls down to retest MA100 and holds, it will not just close the gap further between MA21/MA50 which is needed, it will be the significant signal of a new bull-run.
Don't see this ongoing correction as bad, it's just another deep fresh breath before new highs.
My opinion of Bitcoin:
1-3 month: Short
3-12 month: Long
If you look back to 2015, you'll see the importance of MA100 on 2W frame.
Another important and significant indicator-due to look after is MA21 and MA50, and how their relation to MA100.
If we see a big gap between MA100 and MA21-MA50, we will se action to correct that.
We can see the biggest gap in 30th of June 2018. We had a correction after that.
Here is why this bounce is so important.
It bounced at MA100 and the trend-line from 2016
It bounced just enough to make a 1st wave, and to close the gap between MA21/MA50 to each other, and their relation to MA100.
What I believe is that we will see another gap closing so MA21/MA50 can return to minimize the gap to MA100 before a new journey.
This gap closing action will effect the price to fall, in other way we can't close the gap in such short time as we need when halving is ahead. If price falls down to retest MA100 and holds, it will not just close the gap further between MA21/MA50 which is needed, it will be the significant signal of a new bull-run.
Don't see this ongoing correction as bad, it's just another deep fresh breath before new highs.
My opinion of Bitcoin:
1-3 month: Short
3-12 month: Long