BTCUSD: 50W MA Says Bear Market May Be Underway
Updated
Hey All!
The market seems to be stuck in a weird spot!
Using past data and history, i found a shocking similarity between now and the end of the other 2 bull runs.
Put simply:
Price tops.
Price drops down to 50W MA.
Price bounces off 50W MA.
Price falls back down to 50W MA.
Price breaks 50W MA and tests it as resistance.
Bear market begins.
The ONLY difference now, is after BTC bounced off the 50W MA the first time, it made a slightly higher high than in the past two bull runs.
Besides that, using this logic, BTC is currently in a bear market.
Using major support levels, 38k MUST HOLD or theres much higher chance it is bear market (Using TA).
As always, this is not financial advice, just simply sharing my opinion for entertainment!
Please comment and like!
Thank you!
The market seems to be stuck in a weird spot!
Using past data and history, i found a shocking similarity between now and the end of the other 2 bull runs.
Put simply:
Price tops.
Price drops down to 50W MA.
Price bounces off 50W MA.
Price falls back down to 50W MA.
Price breaks 50W MA and tests it as resistance.
Bear market begins.
The ONLY difference now, is after BTC bounced off the 50W MA the first time, it made a slightly higher high than in the past two bull runs.
Besides that, using this logic, BTC is currently in a bear market.
Using major support levels, 38k MUST HOLD or theres much higher chance it is bear market (Using TA).
As always, this is not financial advice, just simply sharing my opinion for entertainment!
Please comment and like!
Thank you!
Note
Playing out as expected...Note
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