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traderview2
Jun 9, 2021 1:27 PM

BTC: 50 Week MA Has ALWAYS Provided a Bounce 

BITSTAMP:BTCUSD1W
Bitcoin / U.S. dollarBitstamp

Description

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Hello All,

Anticipated Drop has occured. In my last idea, I warned everyone of this and urged to take profits!

#BTC Update-

The blue line is the 50 week MA. BTC has never just broken right below after a new high was formed.

It has ALWAYS bounced. I expect the same.

That retracement is between 30%-50% of the drop from high.

That same retracement lands BTC at about $43,000-$47,000.

Thanks.

Please Comment and Like!

Comment

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Heres the pump!
Chart PatternsTrend AnalysisBTCBitcoin (Cryptocurrency)BTCUSDTBTCUSDBTCUSDC
Comments
Crypto-H
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It is correct , but first need touch 30k support , and should not breakdown below 30k , then we can see ur analysis is perfect
CommanderKeen
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No candles have touched yet the weekly 50MA. In your previous examples they did. Does this mean the bounce hasn't started?
traderview2
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@CommanderKeen it can . Regardless I am stating a bounce is imminent.
CommanderKeen
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@traderview2, Agree. Good spotting ;)
WAN0097
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I can see it on the chart so I acknowledge what you're stating. But just a casual glance with my untrained eye, this third peak looks like a deformed half sibling of the previous two. So part of me thinks something may have changed this time round.

Could be completely unrelated to the 50 week MA. Maybe we'll see different price action instead. Dunno. Just visually this third hump looks... off.
traderview2
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@WAN0097 yes it does. This was a completely different time around. But that is irrelevant to this analysis. Simply put, each time BTC made a new high, the correction off that high was always supported by the 50 week MA.
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