This is not serious trading advice but rather an observation. As you can see after bitcoin hit $20,000 we have been having major price movements every 6 months exactly which is very spooky. i will continue to keep an eye on this but historically the month of December has been either the top or bottom! do with this fun fact what you will. thanks for reading!
The 200 week moving average although somewhat arbitrary has been a critical support for bitcoin as far back as 2015, acting as a sort of launch pad for the bull run to $20,000. The lowest weve been below the moving average is 30% back in January 2015 and more recently March of this year, both times the price quickly jumped back up above it because historically...
As well as being a bear market indicator, lower highs reflect ETH traders eagerness to sell when they feel that the price is "topped out", which is why the 2nd and 3rd lower high are so close in price. The price action isnt all bearish however, as the recent low for ETH did not break previous YEARLY support of $80. but ETH holders are not out of the woods yet,...
Bitcoin has been in a bear market ever since we hit $20,000 (December, 2017).
There are two significant price points to keep an eye on for a bottom formation. One key price area which we cant rule out is the previous all time high of $1160 (November 2013) and the other is $3100 (December 2018) where bitcoin formed the foundation for the short lived rally (dead...