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It's intriguing to observe that Bitcoin appears to follow a consistent structure during each bull and bear cycle. By plotting the Daily Moving Averages (200, 500) and the Weekly Moving Average (200) over the weekly timeframe of Bitcoin, we can analyze the patterns that accompanied the three bull and bear cycles dating back to 2013.
Firstly, the Weekly Moving Average (200) has acted as a significant support level during the periods of 2015-2016 and 2019-2020. However, in 2022-2023, the price dipped below the Weekly MA (200) until recently when the price action pushed it back above, which is a positive sign for the continuation of the bull run.
Secondly, the Daily Moving Averages (200, 500) have served as reliable indicators for golden and death crosses. Based on Bitcoin's past performance, these crossovers have often provided strong signals for future price actions. Notably, the Death Crosses of 2015 and 2018 occurred just before significant market crashes. It's worth mentioning that the market tends to revisit and even exceed the levels of these crossovers after a considerable period.
Lastly, the crossover in 2022 marked a level of 45,200, which could be considered as the next price target for the ongoing bull run, based on Bitcoin's historical behavior.
When examining the RSI and MACD indicators, it suggests that there is still room for growth before reaching the overbought area.
Wishing you successful trading!
Note: This analysis is for informational purposes only and should not be considered as financial or investment advice. Remember to conduct thorough research and consult with professional advisors before making any trading decisions.
It's intriguing to observe that Bitcoin appears to follow a consistent structure during each bull and bear cycle. By plotting the Daily Moving Averages (200, 500) and the Weekly Moving Average (200) over the weekly timeframe of Bitcoin, we can analyze the patterns that accompanied the three bull and bear cycles dating back to 2013.
Firstly, the Weekly Moving Average (200) has acted as a significant support level during the periods of 2015-2016 and 2019-2020. However, in 2022-2023, the price dipped below the Weekly MA (200) until recently when the price action pushed it back above, which is a positive sign for the continuation of the bull run.
Secondly, the Daily Moving Averages (200, 500) have served as reliable indicators for golden and death crosses. Based on Bitcoin's past performance, these crossovers have often provided strong signals for future price actions. Notably, the Death Crosses of 2015 and 2018 occurred just before significant market crashes. It's worth mentioning that the market tends to revisit and even exceed the levels of these crossovers after a considerable period.
Lastly, the crossover in 2022 marked a level of 45,200, which could be considered as the next price target for the ongoing bull run, based on Bitcoin's historical behavior.
When examining the RSI and MACD indicators, it suggests that there is still room for growth before reaching the overbought area.
Wishing you successful trading!
Note: This analysis is for informational purposes only and should not be considered as financial or investment advice. Remember to conduct thorough research and consult with professional advisors before making any trading decisions.
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