Well, well, well. Look where we are now! Right on top of the 200 week moving average, which I have warned about testing on COUNTLESS occasions. I don't even want to guess how many times I've said that BTC was liekly to fall to the 5500 range to test the 200 week MA. All I know, is that it's been a lot.
And while all of the haters run their mouths, I always get the last laugh, because price always fulfills my analyses. It may take more time than your patience will allow, but I've been historically accurate in my calls, regardless of what anyone says.
Even when we were around 7K in December, I warned that price could rally to 10K, but that it would probably "just be another lower high." Looking at the chart, you can see that is EXACTLY what happened. In fact, today, price has made another LOWER LOW! So, the downtrend is still very strong, and perfectly intact. With that said, there is a chance that we could catch a relief rally off of the 200 week MA here. However, any weekly candle that closes below the 200 week would be a devastating technical development. You can see that the weekly MACD has crossed over bearish and is now falling back below the zero line.
Honestly, I'm perfectly neutral now. Unless we see a breakdown below the 200 week, I'm neutral on Bitcoin. We could easily see a hold here, and as you can see, the 200 week is where the 2018 bear market ended. So, this retest is significant, and we need to pay attention to how it develops.
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-
And while all of the haters run their mouths, I always get the last laugh, because price always fulfills my analyses. It may take more time than your patience will allow, but I've been historically accurate in my calls, regardless of what anyone says.
Even when we were around 7K in December, I warned that price could rally to 10K, but that it would probably "just be another lower high." Looking at the chart, you can see that is EXACTLY what happened. In fact, today, price has made another LOWER LOW! So, the downtrend is still very strong, and perfectly intact. With that said, there is a chance that we could catch a relief rally off of the 200 week MA here. However, any weekly candle that closes below the 200 week would be a devastating technical development. You can see that the weekly MACD has crossed over bearish and is now falling back below the zero line.
Honestly, I'm perfectly neutral now. Unless we see a breakdown below the 200 week, I'm neutral on Bitcoin. We could easily see a hold here, and as you can see, the 200 week is where the 2018 bear market ended. So, this retest is significant, and we need to pay attention to how it develops.
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-