BTCUSD - Potential Rise To $50k!!! THIS HAPPENED 5/5 TIMES!!!
Indicators on chart:
Light Blue Line - 7 Week SMA
Blue Line - 50 Week EMA
Yellow Line - 20 Week SMA
Orange Line - 21 Week EMA
White Line - 200 Week EMA
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Hello, this is my technical analysis for bitcoin in the short to mid term. In this analysis, I'd like to explain why I believe we'll have a relief rally to 50k!
Refer to the moving averages I use above.
In each scenario I provide, after a long parabolic rise, once we closed below the support band (the yellow and orange line), we've ALWAYS had a relief rally atleast wicking above the yellow line. 5/5 times. 100% of the times.
This blows my mind because it seems theres so much fear by retail investors yet so much confidence with the big money (personal speculation).
Now, a few things I want to point out.
a) I'm only pointing out the ones with SIGNFICIANT gains. Yes, there has been other closes below the support band, but those were during bear markets/accumulation phases so they don't count here. Like I said, only parabolic moves.
b) It does not mean we are back in full bull mode! 4/5 times, we've actually continued to the downside!!! KEEP THIS IN MIND! The only time we haven't was the 2013 double peak cycle, which some are comparing this cycle with.
The "weeks" measures how long it took after breaking below to at least wick above the yellow line.
August 8th 2011 - 1 week
July 8th 2013 - 1 week
March 3rd 2014 - 2 weeks
Feburary 12th 2018 - 2 weeks
October 21st 2019 - 4 weeks
Light Blue Line - 7 Week SMA
Blue Line - 50 Week EMA
Yellow Line - 20 Week SMA
Orange Line - 21 Week EMA
White Line - 200 Week EMA
---------------------------------------------------------------
Hello, this is my technical analysis for bitcoin in the short to mid term. In this analysis, I'd like to explain why I believe we'll have a relief rally to 50k!
Refer to the moving averages I use above.
In each scenario I provide, after a long parabolic rise, once we closed below the support band (the yellow and orange line), we've ALWAYS had a relief rally atleast wicking above the yellow line. 5/5 times. 100% of the times.
This blows my mind because it seems theres so much fear by retail investors yet so much confidence with the big money (personal speculation).
Now, a few things I want to point out.
a) I'm only pointing out the ones with SIGNFICIANT gains. Yes, there has been other closes below the support band, but those were during bear markets/accumulation phases so they don't count here. Like I said, only parabolic moves.
b) It does not mean we are back in full bull mode! 4/5 times, we've actually continued to the downside!!! KEEP THIS IN MIND! The only time we haven't was the 2013 double peak cycle, which some are comparing this cycle with.
The "weeks" measures how long it took after breaking below to at least wick above the yellow line.
August 8th 2011 - 1 week
July 8th 2013 - 1 week
March 3rd 2014 - 2 weeks
Feburary 12th 2018 - 2 weeks
October 21st 2019 - 4 weeks
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