BITCOIN retest the top of the HMA indicator on the weekly chart (setting at 104) as expected after we enter the bear market in May 2021 when Bitcoin went below the indicator line.
We had the same scenario happened 3 times before, (Red circle on the chart) May 2014, April 2018 and March 2020.
It's happening now again, Bitcoin price touch the top of 50k (red circle top of the indicator line). I have indicated on the chart in black dots line the probability where the price will likely have to reach on the way down and gradually to (19k area) if the 30k doesn't hold and more likely will not.
Many may disagree with that and keep saying no no, we are going more upward, well I'm hoping to be wrong, but the probability of this is very high at the moments.
If we go up a substantially above the indicator line, this scenario becomes invalid.
I will update further. Good luck
We had the same scenario happened 3 times before, (Red circle on the chart) May 2014, April 2018 and March 2020.
It's happening now again, Bitcoin price touch the top of 50k (red circle top of the indicator line). I have indicated on the chart in black dots line the probability where the price will likely have to reach on the way down and gradually to (19k area) if the 30k doesn't hold and more likely will not.
Many may disagree with that and keep saying no no, we are going more upward, well I'm hoping to be wrong, but the probability of this is very high at the moments.
If we go up a substantially above the indicator line, this scenario becomes invalid.
I will update further. Good luck
Comment:
Comment:
This is the 4hrs chart short term with few more possibilities that could happen. Above 54k we have confirmation for a strong bull market ahead, otherwise possibility of returning to a strong bear market is in favor.