BITCOIN touched the MA50, first time since February! Bearish??

Bitcoin has touched the 1D MA50 trend line which is so far holding. Last time the price touched (in that case crossed over) the MA50 was in February 17th 2019, at the final stages of the accumulation before the April start of the current parabolic wave. Since then BTC hasn't even come close to testing this MA again.

But what does it tell us for the near price action?

If we are to rely on the 2019 price action, it would mean a buy going forward, as since February after each rise, the Bitcoin consolidated for roughly 23 days. What is even more critical is that the firs low after the end of each bullish wave has always held as support.

If however we are to look at the past bull cycles the situation becomes a little different.

In the 2016/2017 Bull Cycle, every time the price touched the 1D MA50, it pulled back a little more, consolidating then for the next wave up.


In the 2012/2013 Bull Cycle, every time the price touched the 1D MA50, it pierced slightly lower, but immediately bounced back upwards.


It is worth noting here that, in my opinion due to the aggressive nature of the (start of the) current bull cycle, it has more similarities with the 2012/2013 cycle. Could this mean that BTC will again bounce upwards immediately? It certainly is possible taking into account what we mentioned on the dynamics of the current rise.

Which pattern do you think BTCUSD will follow this time? The current 2019 set-up or one of the previous Bull Cycle? Let me know in the comments section! Every opinion matters!


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