BITCOIN Just accept that we are NOT going any LOWER than this!
Kind of catchy title but 100% true nonetheless, at least according to this chart. On today's analysis we see Bitcoin (BTCUSD) on the 1W time-frame, supported by the 1W MA50 (blue trend-line).
Every time on these Cycles you see it broke above the previous Resistance (dashed line) and turned it into Support without breaking it, while the 1W MA50 was supported and a 1W MACD Bullish Cross took place above the 0.0 neutral mark, BTC never reached any prices lower than that and instead initiated a parabolic rally. We can see that when the Resistance-turned-Support broke due to the COVID crash, the 1W MA50 had also broken already (November 2019), while the 1W MACD Bullish Cross took place below 0.0. Thus not a sign of a parabolic rally.
These set of parameters show that indeed BTC won't be going lower than last months bottom any more. Do you think that will be the case and we can call September's low a bottom? Feel free to let us know in the comments section below!
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Every time on these Cycles you see it broke above the previous Resistance (dashed line) and turned it into Support without breaking it, while the 1W MA50 was supported and a 1W MACD Bullish Cross took place above the 0.0 neutral mark, BTC never reached any prices lower than that and instead initiated a parabolic rally. We can see that when the Resistance-turned-Support broke due to the COVID crash, the 1W MA50 had also broken already (November 2019), while the 1W MACD Bullish Cross took place below 0.0. Thus not a sign of a parabolic rally.
These set of parameters show that indeed BTC won't be going lower than last months bottom any more. Do you think that will be the case and we can call September's low a bottom? Feel free to let us know in the comments section below!
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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