This update following my older post "My magnet is too strong for Bitcoin"
Bitcoin beautifully bounce MA 1597. This number came from fibonacci number 1,2,3,5,8,,,,,,,1597.
Global economic recession-halving 2020
Buy Bitcoin-Buy The Dips
in this analyze i use 1400 DMA represent 200 WMA and 720 DMA represent 2 years data in daily timeframe (assume 360 days in a year).
1 white. the first touch 1400 DMA
1 yellow, the first touch 720 DMA after 1400 DMA
2 White, second touch 1400 DMA after the first touch 720 DMA. This is the last dip before bull run
2 Yellow, second touch 720 DMA after the...
reads before u like this.
i had found a similar pattern that happens over and over during consolidation period, these patterns mostly broke the trendline/support/resistance at the wave 5. The longer the waves, the bigger it impacts however, each trader have different perspective to determine the trendline/support/resistance and the waves itself.
these are support and resistance based on volume, the higher the volume the stronger either support or resistance.
here i make it easy to see with different colors.
A solid color is the stronger and vice versa.
human nature, they don't want to lose when trading.
we can analyze when they trade from volume. large volumes indicate mass transactions. we can use large volumes in the price range as support or resistance.
strong volume is more accurate in a full body candle not in the form of a doji. bullish volume as support otherwise bearish volume as resistance.
Based NVT indicator, green line where the price are undervalued.
buy when nvt crossed magenta curve, doesn’t matter price still goes down.
Long bull run start when NVT crossed blue curve.im not say it will happen similar with last 2013 bubble.
Btc now more mature than before, it could take longer time for accumulation.