Bitcoin indeed has many bullish signals on different timeframe..so i wanted to see how bitcoin price movements happened on last bull market.
The violet is the 21 EMA and yellow is 10 SMA
With the study, we can found bitcoin go up with 10SMA as support and then correct to 21EMA and then we continue. This same price movement happened again and again in last bull market. So on applying that price movement analysis, we can conclude if we are to continue with bull market we will test 21 EMA (weekly) soon and bounce to make higher highs.
*Note if we open a new weekly candle below 21 weekly EMA and close below it then it will be really questionable if we are really in any bull market?
The violet is the 21 EMA and yellow is 10 SMA
With the study, we can found bitcoin go up with 10SMA as support and then correct to 21EMA and then we continue. This same price movement happened again and again in last bull market. So on applying that price movement analysis, we can conclude if we are to continue with bull market we will test 21 EMA (weekly) soon and bounce to make higher highs.
*Note if we open a new weekly candle below 21 weekly EMA and close below it then it will be really questionable if we are really in any bull market?