So, we just had a bearish cross on the MACD 1-Week chart.
Looking at the long history of BTC price action, this has happened 15 times. In 12 instances, this resulted in a pullback to the 50-Week EMA. In 3 other instances, price was already at or below the EMA and experienced even deeper drawdowns.
In the current cycle, this has already occurred 3 times. During the last cycle this happened 5 times, with the fourth crash marking the cycle top.
Conclusion: 100% of such MACD crossovers resulted in significant pullbacks to or well below the 50-Week EMA.
I hate to bear post, but charts are saying we dip to the 50-Week EMA in 1-5 weeks. Could be a good buying opportunity if price dips that low.
I am new to TA, so always happy to learn your thoughts and criticisms. NFA. DYOR.
Looking at the long history of BTC price action, this has happened 15 times. In 12 instances, this resulted in a pullback to the 50-Week EMA. In 3 other instances, price was already at or below the EMA and experienced even deeper drawdowns.
In the current cycle, this has already occurred 3 times. During the last cycle this happened 5 times, with the fourth crash marking the cycle top.
Conclusion: 100% of such MACD crossovers resulted in significant pullbacks to or well below the 50-Week EMA.
I hate to bear post, but charts are saying we dip to the 50-Week EMA in 1-5 weeks. Could be a good buying opportunity if price dips that low.
I am new to TA, so always happy to learn your thoughts and criticisms. NFA. DYOR.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.