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Juvssss
May 14, 2023 9:41 AM

Possible FIRST TIME Rejection at 20 Month Moving Average Short

BITSTAMP:BTCUSD1M
Bitcoin / U.S. dollarBitstamp

Description

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Hi everyone,

Thank you for considering reading my idea.

LEGEND
1. Orange - 20 Month Moving Average
2. Highlighted in red are times when Bitcoin broke BELOW the moving average
3. Highlighted in green are times when Bitcoin broke ABOVE the moving average

So far, it looks like Bitcoin is getting rejected by the 20 month moving average. This may be the first time Bitcoin gets rejected in the 20 month moving average if Bitcoin does not break 31K.

Invalidation:
Break above FWB:31K

I am bearish unless invalidated. Getting rejected on a monthly timeframe is EXTREMELY BEARISH.

P/s: March 2020 is a black swan event, it broke below but then broke above a month after so I excluded it.

Thank you for reading my idea. Like this idea and follow me for more ideas like this. NFA. TAYOR. DYOR.

Cheers,
Juvar
Trend AnalysisChart PatternsBearish PatternsContains image
Comments
DimaLuxcap
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Welcome back Juvssss. I think that bitcoin will continue the bullish trend and within 30 days, it will exceed the 20MA.
Juvssss
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@DimaLuxcap Thanks for the warm welcome. No harm on that as well. Looking forward to see what happens next but it is definitely exciting!
larrasso
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Well, we are now in undiscovered country. Guess there needs to be a first time for everything.
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