Hello everyone!
First of all happy international women's day to all the ladies out there! (Don't forget to get flowers guys)
Bitcoin is approaching a key area
with extremely strong support, but several indicators also mark the line in the sand for the current bullmarket for Bitcoin.
Weekly
- Fib: 38.2% of the complete trend retracement (15.5k - 109.4k)
- MA: 50 SMA (75.4k)
- S/R: 70k-74k Strong supply/resistance area
A consistent pattern emerges on Bitcoin's chart: breaks below the 50-week SMA (black line) after an all-time high (red arrows) have reliably indicated bear markets. Similarly, reclaiming the 50-week SMA (green arrows) has historically confirmed bull runs toward fresh all-time highs.
3D
- Fib: 61.8% of the retracement from previous range low to current high (49.5k - 109.4k)
- MA: 100 SMA (77k)
On the 3-day chart, the 100 SMA has acted as strong support during this bull market. Bitcoin revisited the moving average on 5 individual occasions and bounced off it. Despite briefly closing below it twice, BTC quickly reclaimed it with the following candle.
A potential correction to $70,000 is possible for Bitcoin. To maintain the bull market, it's crucial for bulls to find support there and drive the price back above the 3-day 100 SMA and the weekly 50 SMA.
Happy trading!
Pat
First of all happy international women's day to all the ladies out there! (Don't forget to get flowers guys)
Bitcoin is approaching a key area
with extremely strong support, but several indicators also mark the line in the sand for the current bullmarket for Bitcoin.
Weekly
- Fib: 38.2% of the complete trend retracement (15.5k - 109.4k)
- MA: 50 SMA (75.4k)
- S/R: 70k-74k Strong supply/resistance area
A consistent pattern emerges on Bitcoin's chart: breaks below the 50-week SMA (black line) after an all-time high (red arrows) have reliably indicated bear markets. Similarly, reclaiming the 50-week SMA (green arrows) has historically confirmed bull runs toward fresh all-time highs.
3D
- Fib: 61.8% of the retracement from previous range low to current high (49.5k - 109.4k)
- MA: 100 SMA (77k)
On the 3-day chart, the 100 SMA has acted as strong support during this bull market. Bitcoin revisited the moving average on 5 individual occasions and bounced off it. Despite briefly closing below it twice, BTC quickly reclaimed it with the following candle.
A potential correction to $70,000 is possible for Bitcoin. To maintain the bull market, it's crucial for bulls to find support there and drive the price back above the 3-day 100 SMA and the weekly 50 SMA.
Happy trading!
Pat
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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.
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.