Bitcoin - The Case for Bull (Weekly) BTCUSD LONG
In this chart, I present a strong case that Bitcoin doomsday (year +) could be over. Looking at the BTC/USD 1W chart, there are some strikingly observable similarities between the major retracement of late 2013 and the retracement of 2017.
First, each saw a total price percentage reduction of 84 - 86% (see 1.a). Perhaps more interestingly, each lasted 12 - 13 months (assuming the bear trend could be over). (see 1.b)
The EMA 50 (blue) has proven to be an incredibly significant line of support and resistance on the weekly. In September of 2014 and May of 2018, the price dropped below the EMA 50, and the EMA 50 turned into a major point of resistance.
In the two time frames of September 2014 - October of 2015 and May 2018 to May 2019, the EMA 50 served as resistance for 13 and 12 months, respectively, until the weekly close above. (See 2.a)
Finally, a major line of support, and once turned resistance is found beginning in August of 2015. (See 3.a) There are 5 points to consider, and as can be observed the price seems to bounce on the most recent point of support. (See 3.b)
When the weekly closed above the EMA 50 in October of 2015, the price remained above the EMA 50 for 25-26 months... a bull trend lasting over 2 years. (See 4.a)
First, each saw a total price percentage reduction of 84 - 86% (see 1.a). Perhaps more interestingly, each lasted 12 - 13 months (assuming the bear trend could be over). (see 1.b)
The EMA 50 (blue) has proven to be an incredibly significant line of support and resistance on the weekly. In September of 2014 and May of 2018, the price dropped below the EMA 50, and the EMA 50 turned into a major point of resistance.
In the two time frames of September 2014 - October of 2015 and May 2018 to May 2019, the EMA 50 served as resistance for 13 and 12 months, respectively, until the weekly close above. (See 2.a)
Finally, a major line of support, and once turned resistance is found beginning in August of 2015. (See 3.a) There are 5 points to consider, and as can be observed the price seems to bounce on the most recent point of support. (See 3.b)
When the weekly closed above the EMA 50 in October of 2015, the price remained above the EMA 50 for 25-26 months... a bull trend lasting over 2 years. (See 4.a)
Comment:
Choo Choo!
Comment:
So far so good