Hi everyone!!From our last post we were expecting btc to drop to our support levels when we looked at a shorter time frame.However this time lets look at the bigger picture on the weekly. If we look at the start of the run (3400 to 13800) we can see that the 50 ema was the resistance for btc. The break of 50 ema led to the cross over of 21 and 50 ema which ended up with a big run where we almost hit 14k. We could almost see a symmetrical pattern here were 50 ema is now holding as support and 21 and 50 ema are converging. That is why it is crucial that we hold 50 ema and even bounce back as fast as possible. In the case of going below 50 ema it is likely that we go down to 200 ema and bottom out there. So wee really need to be cautious here. All of this being said we could also jump back up from 50 ema. So if you want to make an entry here it could be reasonable to try to catch a bottom however place your stop loss since if we breach 50 ema, it wont be fun to ride it down. As always just a thought not an advice! Stay safe!
Nothing will hold: enough wave time Left in weekly and monthly
Behzadin
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@Amjadsid, I could say yes to 50 ema but its early to say that to 200 ema(since you said "nothing"will hold).
yettymonkey
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@Behzadin, I do not see the 50 EMA holding. A breakdown of the trend could result in us visiting the 3k sub range again and maybe lower. Not trying to be a perma bear. One needs to realize that making money in a bull or bear trend is just a matter of being a realist.
Behzadin
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@yettymonkey, Well will have to wait and see. I do believe it is crucial that btc holds 50 ema however I do not think we will see 3k sub range. Not only with TA
Behzadin
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@yettymonkey, but also with the fact of cost of mining a single btc. The price of BTC cant go lower than the cost of mining it.