As concern boils in the stock market, Bitcoin flirts with the weekly EMA ribbon for the first time since just before the pandemic collapse in 2020. Cracking this ribbon was also a component of ending 2017's bull run. I think people are over-stating this, though. The action into this ribbon when reversing trend tended to be aggressive - crashing through 3 ribbons or so on impact. Here, we're just flirting with the top. It gets my attention, but if we close just inside the ribbon, I'm still not too worried.
The overall spread is big, and still very bullish.
Today's weekly close could, however, trigger a new set of dumps, possibly taking us down to the original estimated April targets between $38k-$42k or so. From the way things currently look, though, it looks more like a major buying opportunity that a concern over an early bear market.
If you look at the daily EMA ribbons, the idea that this is a big buy opportunity is supported. The daily ribbon has just flipped bearish. The last time it did that was way back in September 2020, just before the absolutely epic parabolic move upwards!
So, as it stands, we don't know what to expect, but the opportunity here may be massive. I'm still not convinced to take action just yet. I want to see this weekly candle close, and then watch how the market reacts across the next 1-2 weeks. We'll see what's what...
The overall spread is big, and still very bullish.
Today's weekly close could, however, trigger a new set of dumps, possibly taking us down to the original estimated April targets between $38k-$42k or so. From the way things currently look, though, it looks more like a major buying opportunity that a concern over an early bear market.
If you look at the daily EMA ribbons, the idea that this is a big buy opportunity is supported. The daily ribbon has just flipped bearish. The last time it did that was way back in September 2020, just before the absolutely epic parabolic move upwards!
So, as it stands, we don't know what to expect, but the opportunity here may be massive. I'm still not convinced to take action just yet. I want to see this weekly candle close, and then watch how the market reacts across the next 1-2 weeks. We'll see what's what...