The above chart takes a look at the 20 week moving average price (purple dots) and the lowest weekly close (pink lines). As you can see the current price is currently under the 20 week average and has compressed towards the lowest weekly close similarly to the 2014 bear market. To me this chart suggests that we could have several weeks of floundering around the 20 week moving average before starting the next bull market. It also suggests that the price could oscillate above and below the 20 week average before the start a new northern trend. It seems to me that long term buy and hodlers may do well with a long position as far below the 20 week average as possible. It is also possible for another spike low flush out before moving north again. This of course is pure speculation and cannot be counted on. The only thing we know for sure is the current price in relation to the 20 week moving average. For the risk takers long positions below the 20 week average might pay off very well. For those a bit more risk adverse, waiting until the price has established a multi-week trend above the 20 week average may be more prudent.
No matter what you do, good luck and may the high frequency algos be ever in your favor. :0)
No matter what you do, good luck and may the high frequency algos be ever in your favor. :0)