BTC: 20MA Weekly Chart Is Signaling a Buy Signal, NOW
Bitcoin Bull Market Cycle
Bitcoin is now retesting the 20MA (Moving Average) on the weekly and may be signaling the biggest buy signal for this year that may bring us to all time highs as long as this support holds.
Every time the price has his the weekly 20MA, WITHIN in a bull market, it has acted as support and gave us higher price action. 'IF' this bull market is what we are expecting by many, then we must hold this area of confluent support at the 9.7K-10K regions before the weekly closes on September 13, 2020 - which is now 6 days away.
We will be taking action based on this moving average alone.
Current Short Term Sentiment:
Bears are currently trying to drive down price as the market is being shaked out by weak hands. We believe this is an incredibly buying opportunity anywhere from our suggested CME gap theory that we have been signaling weeks back. We are currently racking up buy orders from 10.4K - 9.6K, with a wide stop loss for the week. Anything further ahead will be re-examined as the market can continue to surprise us for lower levels, or continue up as suggested.
Trade Safe!
X Force
Bitcoin is now retesting the 20MA (Moving Average) on the weekly and may be signaling the biggest buy signal for this year that may bring us to all time highs as long as this support holds.
Every time the price has his the weekly 20MA, WITHIN in a bull market, it has acted as support and gave us higher price action. 'IF' this bull market is what we are expecting by many, then we must hold this area of confluent support at the 9.7K-10K regions before the weekly closes on September 13, 2020 - which is now 6 days away.
We will be taking action based on this moving average alone.
Current Short Term Sentiment:
Bears are currently trying to drive down price as the market is being shaked out by weak hands. We believe this is an incredibly buying opportunity anywhere from our suggested CME gap theory that we have been signaling weeks back. We are currently racking up buy orders from 10.4K - 9.6K, with a wide stop loss for the week. Anything further ahead will be re-examined as the market can continue to surprise us for lower levels, or continue up as suggested.
Trade Safe!
X Force
🌎 Telegram | t.me/xforceglobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.