This Moving Average and Fib Converging Soon to Spark Bull Run?!
Looking at
BTCUSD
's weekly chart, we see that the 200 MA is heading upwards to (possibly soon) converge and cross over the 78.60% Fib which is at $5469.89.
The 200 MA is where institutions, whales, and or countries stepped in and bought at $3122.28. whereafter BTC had a 350% run to the upside.
Hence, there is a strong probability that if BTC decides to test the 5K range, approximately $5500 will be the bottom where BTC turns around for lift off into a new bull run.
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BTCUSD
's weekly chart, we see that the 200 MA is heading upwards to (possibly soon) converge and cross over the 78.60% Fib which is at $5469.89. The 200 MA is where institutions, whales, and or countries stepped in and bought at $3122.28. whereafter BTC had a 350% run to the upside.
Hence, there is a strong probability that if BTC decides to test the 5K range, approximately $5500 will be the bottom where BTC turns around for lift off into a new bull run.
If you enjoyed reading this, please click the Like button so TradingView's algorithm shows it to others.
Thank you!
Comment:
I want to add that institutions/whales might front run a sub 6K move so the rocket takes off without those waiting for a sub 6K price. Something to keep in mind.