Hi guys!
In my previous analysis we talked about the head and shoulders that Bitcoin was making. Eventually the market did indeed create lower prices, and there where a lot of Altcoins that went -15%. However, Bitcoin didn't reach the Head and Shoulder Price Target. Some people are saying that this is now the moment where Bitcoin will turn around, and create new ATH's. But if you look at the weekly chart, you can see that if the 50 EMA doesn't hold the price up. We could be in for a bearish continuation.
Back in April, when Bitcoin dropped 24% from it's ATH - the MACD made a bearish cross and then the price dropped 55% if you look at it from the ATH perspective. Now in the present moment, Bitcoin dropped 28%, and the MACD made a bearish cross again. This means that if the price will drop 55% like it did in April, we could see prices around 30k.
But, and this is a big but. Back in April, the 50 EMA acted as support. If this happens again, then we won't see such a drop like in April. Because you can see that the market is currently reacting to the 50 EMA .
So conclusion is, that if Bitcoin doesn't break the 50 EMA , we're okay.
As always, don't forget to like this idea so you can support this. And if you don't like my analysis, feel free to follow me.✌️
In my previous analysis we talked about the head and shoulders that Bitcoin was making. Eventually the market did indeed create lower prices, and there where a lot of Altcoins that went -15%. However, Bitcoin didn't reach the Head and Shoulder Price Target. Some people are saying that this is now the moment where Bitcoin will turn around, and create new ATH's. But if you look at the weekly chart, you can see that if the 50 EMA doesn't hold the price up. We could be in for a bearish continuation.
Back in April, when Bitcoin dropped 24% from it's ATH - the MACD made a bearish cross and then the price dropped 55% if you look at it from the ATH perspective. Now in the present moment, Bitcoin dropped 28%, and the MACD made a bearish cross again. This means that if the price will drop 55% like it did in April, we could see prices around 30k.
But, and this is a big but. Back in April, the 50 EMA acted as support. If this happens again, then we won't see such a drop like in April. Because you can see that the market is currently reacting to the 50 EMA .
So conclusion is, that if Bitcoin doesn't break the 50 EMA , we're okay.
As always, don't forget to like this idea so you can support this. And if you don't like my analysis, feel free to follow me.✌️