Anytime 50 Weekly MA did this brought a huge crash (Must see!)
Hey everyone,
Recently I've been only focusing on the macro-level perspective mainly on the weekly chart. This one is very interesting...
Take a look at the 50 Weekly Moving average. Anytime it goes down pulls the price down too. It hasn't happened very often and when it did in 2014 and 2018, massive price dumps followed.
It seems like today, 50 Weekly MA is pointing down and getting ready for a downward movement. If it goes down do you think the history will repeat? Please let me know your thoughts by leaving your comments below.
Please also take a look at my recent weekly analysis regarding my bearish view.
Recently I've been only focusing on the macro-level perspective mainly on the weekly chart. This one is very interesting...
Take a look at the 50 Weekly Moving average. Anytime it goes down pulls the price down too. It hasn't happened very often and when it did in 2014 and 2018, massive price dumps followed.
It seems like today, 50 Weekly MA is pointing down and getting ready for a downward movement. If it goes down do you think the history will repeat? Please let me know your thoughts by leaving your comments below.
Please also take a look at my recent weekly analysis regarding my bearish view.
Comment:
Bitcoin got clearly rejected between 10.000 - 10.500 region several times recently. It seems like the market sentiment is still not ready to break above it. We rallied quite a bit since Mid March and getting ready to be exhausted and print the 9th green TD sequential candle which is a strong signal for a trend reversal. Stoch RSI is about to print a sell signal too. Volume has been decreasing and I think this week the volume will kick in with a strong red candle. To me, almost everything indicates a bearish move from a technical point of view.
WHAT THE MARKET IS ABOUT TO SAY?
US Markets "seems" like the COVID19 nightmare is over and the stimulus packages worked out well. Many people believe that the dip was found. I strongly disagree. Since the stock, gold, and crypto market crash the markets started "recovering" although we kept hearing bad news. Because the news were already priced with the negative expectations and the "rumors" in February and March. Now we started hearing some "good" news upon the artificial pumps and easing the lockdowns. It is time to be cautious when you hear good news, the bad news will follow within a month or two and that will be priced beforehand (soon if not now). Also, the unemployment numbers as of Q2 is not a joke even though there was an increase recently. Don't get FOMO.
SUMMARY:
For BTC /USD, The time is ticking for another massive dump. I don't think we have so much time left. You may want to get off the train right now or wait for a little fake-out between 9700 - 10.050. I am out now and planning to buy back below 20 MA. My bet is, BTC will see at least 6000 USD price point. It will be hard to fall below 4800. If it does, don't miss out on the opportunity to buy from that price :). If you want to follow the fib retracement, you may want to start buying below 6500.
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