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BTC TO NEW ATH?
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A similar scenario happened in the 2013 cycle, we went below the MAs (21 week EMA and 20 Week MA) then when we had a candle close above them again, the cycle continued and we went up 1000% from there (i don't think it will happen, as always, returns get lower each cycle, bigger market cap...), we could see something like this here.
However, this is just a similarity, another example is when BTC broke above the MAs as a fake and then dropped to the downside.
Personally, I think it is not really clear yet. If we continue and reach our next resistance level (48k-50k), I think we could see another drop, the question is till when, stay alarmed.
One thing is sure, don't buy extended highs.
Will update you as always!
...................................................................................................................................................................................
What do you think?
Good luck traders,
Not financial advice
Manage risk and leverage
DYOR
NajjarTrading
WHY FOLLOW?
• 4 Years of experience
• Daily trades
• Daily updates
• Best Entry Points
• Important Zones
• TP/SL
...................................................................................................................................................................................
A similar scenario happened in the 2013 cycle, we went below the MAs (21 week EMA and 20 Week MA) then when we had a candle close above them again, the cycle continued and we went up 1000% from there (i don't think it will happen, as always, returns get lower each cycle, bigger market cap...), we could see something like this here.
However, this is just a similarity, another example is when BTC broke above the MAs as a fake and then dropped to the downside.
Personally, I think it is not really clear yet. If we continue and reach our next resistance level (48k-50k), I think we could see another drop, the question is till when, stay alarmed.
One thing is sure, don't buy extended highs.
Will update you as always!
...................................................................................................................................................................................
What do you think?
Good luck traders,
Not financial advice
Manage risk and leverage
DYOR
NajjarTrading
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