Bitcoin about to close above the 200 Week MA on the Weekly Chart
This is interesting...
The last couple times bitcoin went below its 200 week moving average it signaled the bottom and sparked a major bull market over the following years.
Well guess what...
We had that same setup right now...
We had bitcoin go below its 200 week moving average and now is on the very of closing back above it.
Check it out:
(Source: https://twitter.com/rovercrc/status/1553404961488355329/photo/1)
This is very good news for bitcoin and crypto as a whole.
If we can get bitcoin to close and hold above this moving average I suspect the following months will be very good to bitcoin.
It's funny how quickly things can change around here...
Fun times ahead!
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Hello, thank you for your input about where we are on #btc analysis and price.
A little bit of technical analysis is needed as well, because decisions based only on one indicator would be a really bad one... we need a further research.
Although on my PERSONAL POINT OF VIEW starting a dollar cost average strategy makes complete sense.
Here we can take a look on the weekly chart
We can appreciate that it made a proper bottom (support) around the 19k and that price is the almost perfect retrace to de 0.618 level on fibonacci
We can also appreciate that MACD on the weekly is about to go to the upside, that is really good news for the whole market.
If we take a look at the monthly chart there is also something interesting if we look the previous ATH to where it made support.
Now there is only one thing to wait... we are starting a new month and the probabilities state that we need a lower wick for continuation up.
Lets see if we can get a retest of the 20k and confirm support for this next bull market (take into consideration that inflation and economic turmoil can make the push as BTC is seen as a value/alternative investment to stocks - having lots of trouble with results - and gold. Dollar is also loosing strength but is only temporary. When the DXY starts going up, all assets vs USD will go down as the appreciation of the USD takes place.
Be safe and only invest what you can afford to loose. THIS IS MY OPINION AND NOT FINANCIAL ADVISE! DYOR!
Wow! Very exciting news!