#bitcoin - $BTC
I was looking at the weekly timeframe in order to identify signals that would suggest me what was going to be the next big move, ideally the beginning of a new trend or a confirmation that price was indeed continuing its bearish patterns.
Before we had the run up to 5k I highlighted the importance of Bitcoin breaking the 200EMA, that was acting as strong resistance for more than 140 days - I argued that a break above after all of that time would indeed looked really bullish.
:timer: fast forward a couple of months 200EMA is finally broken :timer:
We are now in a new range, a relatively neutral one with a slight bullish bias as:
- the fundamentals are bullish, struggling to find negative news about Bitcoin or the Cryptocurrency market as a whole
- weekly and monthly MACD have both crossed bullish and have been ticking higher for months now
- 200EMA was finally broken
- total marketcap broke 140/145 billion range; currently ranging around 175 billion ( meaning that new money is flowing in the market )
This range is easily identifiable as we have its support and resistance defined by two clear indicators:
SUPPORT: 200 EMA - we could argue that any price action below, after finally breaking it will look bad
RESISTANCE: 55 and 89 EMA - we could argue that any price action above, after the 6k breakdown would indeed look very bullish
as we speak we are in the middle, which in my opinion is very healthy - as you do want to see price consolidate before attempting another big move, regardless of the direction.
I was looking at the weekly timeframe in order to identify signals that would suggest me what was going to be the next big move, ideally the beginning of a new trend or a confirmation that price was indeed continuing its bearish patterns.
Before we had the run up to 5k I highlighted the importance of Bitcoin breaking the 200EMA, that was acting as strong resistance for more than 140 days - I argued that a break above after all of that time would indeed looked really bullish.
:timer: fast forward a couple of months 200EMA is finally broken :timer:
We are now in a new range, a relatively neutral one with a slight bullish bias as:
- the fundamentals are bullish, struggling to find negative news about Bitcoin or the Cryptocurrency market as a whole
- weekly and monthly MACD have both crossed bullish and have been ticking higher for months now
- 200EMA was finally broken
- total marketcap broke 140/145 billion range; currently ranging around 175 billion ( meaning that new money is flowing in the market )
This range is easily identifiable as we have its support and resistance defined by two clear indicators:
SUPPORT: 200 EMA - we could argue that any price action below, after finally breaking it will look bad
RESISTANCE: 55 and 89 EMA - we could argue that any price action above, after the 6k breakdown would indeed look very bullish
as we speak we are in the middle, which in my opinion is very healthy - as you do want to see price consolidate before attempting another big move, regardless of the direction.