Bitcoin Clears The 50 EMA! Plus A Huge NVT Signal! Don't Miss!
What's up friends, family, lovers, haters, my crypto brothers and sisters!?! I know it's been a long time, but I'm back from a much needed hiatus, and ready to kick some crypto ass!! So, without further ado, let's jump right into this lovely Bitcoin analysis!
Looking at the daily chart, you can see that price fell substantially after my last analysis, which is inline with what I projected. However, things have certainly changed my overall view on what may be coming next. If you recall from the last analysis, I showed that BTC ***could*** have ended up much lower. However, that was contingent on a breakdown to the top of the blue downtrend channel. As you can all see, we did break down, but instead of falling to the top of the channel in a way that could have produced a large potential head and shoulders pattern, we're seeing something different. Bitcoin dipped, but has regained the 50 EMA (in black.) Folks, that is huge, and it is a sign that this is a healthy correction, and not a complete meltdown.
Interestingly, you can see on the chart how we could end up creating an inverted head and shoulders pattern here. Now, obviously that is yet to be seen. I just think it could be a possibility for how price may develop here, especially if we remain above the 50 EMA here on the daily chart. That is pretty much the line in the sand for me. If we get below the 50 EMA again, and fail to get back above, that would put me back in the bear camp. However, I am very pleased to see the King of Crypto holding strong like this.
There is more to the story though. If you remember, I was showing you all how the NVT was signaling that a big fall was coming. Now, the NVT is signaling a bottom! In fact, it's doing EXACLY what it did at the exact bottom of the bear market in December! You can see that leading into mid December 2018, the NVT was straight red, then BTC plummeted from 6,000. Then, right at the bottom of the bear market, the NVT signal line (in orange) crossed above the NVT line (in black.) I highlighted that event with a virtical green line. That event also corresponded closely with a bullish MACD crossover. Fast forwarding to today, we can see that the exact same thing has happened. The NVT signal line crossed over the NVT, and the MACD crossed over bullish. So, as long as BTC can remain strong above the 50 EMA, I think we may actually enter a continuation of the bull rally here. However, like I said, the 50 EMA is the line in the sand for me. Good luck to everyone! Trade like big bosses and bossets!
#PoopLovesYou
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Looking at the daily chart, you can see that price fell substantially after my last analysis, which is inline with what I projected. However, things have certainly changed my overall view on what may be coming next. If you recall from the last analysis, I showed that BTC ***could*** have ended up much lower. However, that was contingent on a breakdown to the top of the blue downtrend channel. As you can all see, we did break down, but instead of falling to the top of the channel in a way that could have produced a large potential head and shoulders pattern, we're seeing something different. Bitcoin dipped, but has regained the 50 EMA (in black.) Folks, that is huge, and it is a sign that this is a healthy correction, and not a complete meltdown.
Interestingly, you can see on the chart how we could end up creating an inverted head and shoulders pattern here. Now, obviously that is yet to be seen. I just think it could be a possibility for how price may develop here, especially if we remain above the 50 EMA here on the daily chart. That is pretty much the line in the sand for me. If we get below the 50 EMA again, and fail to get back above, that would put me back in the bear camp. However, I am very pleased to see the King of Crypto holding strong like this.
There is more to the story though. If you remember, I was showing you all how the NVT was signaling that a big fall was coming. Now, the NVT is signaling a bottom! In fact, it's doing EXACLY what it did at the exact bottom of the bear market in December! You can see that leading into mid December 2018, the NVT was straight red, then BTC plummeted from 6,000. Then, right at the bottom of the bear market, the NVT signal line (in orange) crossed above the NVT line (in black.) I highlighted that event with a virtical green line. That event also corresponded closely with a bullish MACD crossover. Fast forwarding to today, we can see that the exact same thing has happened. The NVT signal line crossed over the NVT, and the MACD crossed over bullish. So, as long as BTC can remain strong above the 50 EMA, I think we may actually enter a continuation of the bull rally here. However, like I said, the 50 EMA is the line in the sand for me. Good luck to everyone! Trade like big bosses and bossets!
#PoopLovesYou
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-