Just a quick Sunday fractal analysis on Bitcoin (BTCUSD).
Since the late March 2022 High, the price has dropped to a little more than -47%, trading below the 1D MA50 (blue trend-line) for more than 1.5 month. The sequence I compare this to is the drop from the May 10 2021 High, which initially bottomed at a little more than -49% then made a Lower Low shake out on June 22 2021 and after trading sideways, the consolidation/ accumulation ended on July 25 2021 when the price broke above the 1D MA50 again.
A similar 62 day consolidation puts a potential end to a sideways trend on July 13 2022. The LMACD being already on a Bullish Cross and the RSI rising after breaking below the 30.00 oversold barrier, are identical between now and 2021. DO you think as this model suggests, that a break above the 1D MA50 will kick-start a new uptrend and if so can this be achieved in a deja vu manner by the end of July again? Feel free to share your work and let me know in the comments section below!
imho we will face 100D MA and we will get rejected to 200W MA as it was back in 2018
TradingShot
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@similarPear7188, It is a fact that the 1W MA200 has been the major bottom maker in every Bear Cycle.
similarPear7188
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@TradingShot, yeah that's true, I just think that there is so many indication out there it ain't bull market anymore. That's why I doubt there will be Summer2021 Déjà vu.
UnknownUnicorn15614419
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Great setup
TradingShot
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@TradingStat, Thanks stat loving your work as well.