Bitcoin posted a clear breakout from resistance that plagued its since early November, and the 12h 20 EMA that it was trapped under. In the past 24 hours it confirmed support on the 20 EMA and rallied convincingly over $50k.
As you see overhead is the 20/21w MA support band- the oft discussed bull market support. As predicted in my earlier TA, the cycles between the bullish and bearish inversion of the 21w EMA and the 20w SMA is growing shorter as Bitcoin's cycles continue to evolve. I predicted a rally starting in January, but it may enter here at the end of December, though not confirmed in my books until the 21w EMA climbs back over the 20w SMA bullish.
That said, you have some new price action to trade, I imagine we will reject at or inside the 20/21w MAs on the first try, it seems unlikely to see a massive rally a day before a major holiday in the West.
That said, the 20/21w MA band is the level for bulls to overcome in the near term. Watch it closely.
From an on-chain perspective, we continue to see the massive accumulation that we've seen all cycle which is why I predict one more strong move up to allow whales to sell into strength to a "cycle" top .. despite the fact that the traditional cycle as we know is coming to an end, in my opinion.
Best of luck, and happy holidays!
As you see overhead is the 20/21w MA support band- the oft discussed bull market support. As predicted in my earlier TA, the cycles between the bullish and bearish inversion of the 21w EMA and the 20w SMA is growing shorter as Bitcoin's cycles continue to evolve. I predicted a rally starting in January, but it may enter here at the end of December, though not confirmed in my books until the 21w EMA climbs back over the 20w SMA bullish.
That said, you have some new price action to trade, I imagine we will reject at or inside the 20/21w MAs on the first try, it seems unlikely to see a massive rally a day before a major holiday in the West.
That said, the 20/21w MA band is the level for bulls to overcome in the near term. Watch it closely.
From an on-chain perspective, we continue to see the massive accumulation that we've seen all cycle which is why I predict one more strong move up to allow whales to sell into strength to a "cycle" top .. despite the fact that the traditional cycle as we know is coming to an end, in my opinion.
Best of luck, and happy holidays!
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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.