Bitcoin continues trading below MA200 since August 2022 for the first time ever.
Bitcoin never stays below this level on the weekly timeframe.
The good news is that EMA300, the grey line on the chart, has been conquered since 9-January and this opens the doors for long-term growth.
The next barrier is set at MA200 which is also matching EMA50 around $24,843 - $24,943.
The fact that both moving averages meet here and that Bitcoin is trading below gives a double signal.
1st. The good news. Since this is such an important level it is most likely going to be tested. Regardless of any shakeouts or short-term moves, Bitcoin is set to grow and test this price range.
2nd. The bad news. These are both long-term indicators and at this point represent very strong resistance.
Breaking them would signal growth for months, which is what we have been calling for and expecting but, failing to break above these levels and Bitcoin is doomed to test a new low compared to November.
The second scenario we do not like and do not want to see it happen but that is how things stand right now.
We have a super-strong RSI and 4 weeks closing green as well as other signals pointing to the bulls winning the battle... What really happens though will be for the market to decide.
Bitcoin will win this time.
For example, in a bearish scenario where the November low isn't tested EMA300 can be quickly tested as support, say a drop to $20,937 and then another try at EMA50 and MA200 for the final push up.
All the signals that alerted us of a recovery since November/December 2022 are in still in play but only stronger.
These signals haven't gone anywhere.
The fact that these signals are plenty and worked in the past, can help you relax in the knowing that the bulls are fully ahead.
If you are aiming up, betting up or would like to see Bitcoin grow, stay safe in the knowing that you have the market support.
Regardless of what happens, the probabilities are favoring the bullish side at this point.
Namaste.
Bitcoin never stays below this level on the weekly timeframe.
The good news is that EMA300, the grey line on the chart, has been conquered since 9-January and this opens the doors for long-term growth.
The next barrier is set at MA200 which is also matching EMA50 around $24,843 - $24,943.
The fact that both moving averages meet here and that Bitcoin is trading below gives a double signal.
1st. The good news. Since this is such an important level it is most likely going to be tested. Regardless of any shakeouts or short-term moves, Bitcoin is set to grow and test this price range.
2nd. The bad news. These are both long-term indicators and at this point represent very strong resistance.
Breaking them would signal growth for months, which is what we have been calling for and expecting but, failing to break above these levels and Bitcoin is doomed to test a new low compared to November.
The second scenario we do not like and do not want to see it happen but that is how things stand right now.
We have a super-strong RSI and 4 weeks closing green as well as other signals pointing to the bulls winning the battle... What really happens though will be for the market to decide.
Bitcoin will win this time.
For example, in a bearish scenario where the November low isn't tested EMA300 can be quickly tested as support, say a drop to $20,937 and then another try at EMA50 and MA200 for the final push up.
All the signals that alerted us of a recovery since November/December 2022 are in still in play but only stronger.
These signals haven't gone anywhere.
The fact that these signals are plenty and worked in the past, can help you relax in the knowing that the bulls are fully ahead.
If you are aiming up, betting up or would like to see Bitcoin grow, stay safe in the knowing that you have the market support.
Regardless of what happens, the probabilities are favoring the bullish side at this point.
Namaste.
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