The_Wrap

BTC - Possible MA200 Cross in the pipeline...

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Whilst the bear market is evident i do see a chance we are nearing a cycle completion, a step above 200 MA will be a very welcome bullish directional change, as we have seen the 5.7-6k range has been tested numerous times during this correction from ATH 0.28% and should we visit this area again a strong bounce may well catapult BTC -0.85% above the existing downtrend channel and within reach of the 200 MA for the first time in a long time...
If that happens we may be able to say cycle complete... As always, time will tell and market will show itself.. , looking forward though, things seem to be positive for a change in sentiment, seller exhaustion is definitely a factor here aswell... Obviously we need to see (if) current trend plays out and we sell from the top of current wedge (7k), importantly, we also need to see strong bounce from bottom of following wedge to put buyers back in the drivers seat...
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Cheers
Sep 22
Comment: some extra points of interest...
https://www.tradingview.com/chart/SMdC7q...
Sep 22
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