BTCUSD
Some may remember my previous post, where using the MA's I proved that one last move to the downside was going to happen on BTC marking the bottom due to certain moving averages crossing each other and target MA's being hit. Today I want to discuss another two important moving averages crossing each other that will finally reward the patient BTC hodlers.
Every time the 50 week MA has crossed below the 100W MA, a clear move to the upside has occurred on BTC pushing price significantly. With the current sentiment around the ETH merge a lot of BTC sold to ETH and has left BTC in the dark. I believe this is temporary and with the H&S pattern playing out on the ETH/BTC chart I could see ETH now sell to BTC in the coming weeks (buy the rumour sell the news). This will also bump up the BTC dominance and swoop liquidity from the altcoins. You know what they say, "BTC maxis are born in bear markets".
BTC has also been holding the 200W MA (23k) as support now for 3 straight weeks and am confident we may never see a 17.5k BTC ever again. I'm not a BTC maximalist and can only work with what previous data suggests. For me the bottom is in and can't wait to see the outcome. Many cryptos have already bubbled out and just because BTC hasn't moved doesn't mean it won't. There are still a few weeks left for this scenario to play out. All I see is patience being tested.
Have a great week everyone.