What is it that bitcoin has done for the first time ever?
well, it's two things.
Moving average legend
Yellow 50 week
red 100 week
purple 200 week
white 300 week
First being, the cross of the 50 week and the 100 week had meant the bottom was in and there was never a lower low after that point. In fact it would rally up to the 50 week and meet it as resistance.
Second being, Bitcoin had never breached the 300 week moving average before. The first time it touched it was in the covid crash of 2020 but it didn't breach it and actually took a very strong bounce off of it. So this could have been for telling of the future for but were we paying attention? Well not only has bitcoin been battling with Moving average, it just breached it substantially. Not all is lost yet as the week hasn't closed yet. Bitcoin needs to close above 18.1k for this not to happen.
The good news is Bitcoin does have a bullish divergence on the RSI and price so let's keep an eye on it and see how it reacts now that it's pierced this moving average.
I just added the 400 week Moving average (green) on the chart and oddly enough it sits on one the strongest support of Bitcoins history @ 13.7k So if Bitcoin doesn't close this week above 18.1k, and meets this 300 MA as resistance next week, you best believe we will go lower to 13.7k
Thanks for looking and leave thoughts or questions in the comment section.
WeAreSat0shi
Not investment advice>
well, it's two things.
Moving average legend
Yellow 50 week
red 100 week
purple 200 week
white 300 week
First being, the cross of the 50 week and the 100 week had meant the bottom was in and there was never a lower low after that point. In fact it would rally up to the 50 week and meet it as resistance.
Second being, Bitcoin had never breached the 300 week moving average before. The first time it touched it was in the covid crash of 2020 but it didn't breach it and actually took a very strong bounce off of it. So this could have been for telling of the future for but were we paying attention? Well not only has bitcoin been battling with Moving average, it just breached it substantially. Not all is lost yet as the week hasn't closed yet. Bitcoin needs to close above 18.1k for this not to happen.
The good news is Bitcoin does have a bullish divergence on the RSI and price so let's keep an eye on it and see how it reacts now that it's pierced this moving average.
I just added the 400 week Moving average (green) on the chart and oddly enough it sits on one the strongest support of Bitcoins history @ 13.7k So if Bitcoin doesn't close this week above 18.1k, and meets this 300 MA as resistance next week, you best believe we will go lower to 13.7k
Thanks for looking and leave thoughts or questions in the comment section.
WeAreSat0shi
Not investment advice>
tiktok.com/@wearesat0sh1
