фото показано с : beincrypto.com

Throughout its history, the BTC price has bounced on its 200-week moving average (MA) numerous times — most recently in December 2018. The MA is currently slightly below $6,000.

Well-known trader @TraderX0X0 tweeted an image of a long-term BTC chart, outlining two important moving averages, the 21 and 200-week averages. He states that the short-term movement is bearish and is expecting another touch of the 200-day MA soon in order to look for longs.

$BTC – HTF MA Edition

You absolutely buy the 200 weekly MA

You do not become bullish when the weekly 21 EMA gets chopped up – see fractal

In a clear uptrend – You long every pullback into the 21 weekly EMA

Now you can hopefully appreciate why I had a bearish bias

Cheers! pic.twitter.com/kT4txsPJRf

— TraderXO (@TraderX0X0) March 9, 2020

As stated, the MAs used in the tweet are the 21 (blue) and 200-week (black) averages. In addition, there are two time periods outlined that have almost identical movements:

The first period showcasing these movements was between February and August of 2014, while the second happened between November 2019 and February 2020.

After, a 142-day decrease followed until the price touched the 200-week MA. If the same thing happens in the current movement, the price will touch the 200-week MA near $6,000 in August 2020.

Since reaching an all-time high price in December 2017, Bitcoin has possibly been trading inside a symmetrical triangle.

The 200-week MA is way below the ascending support line of the triangle. Furthermore, it is below the two main weekly support levels, found at $7,700 and $7,000. The only support area near this MA is an old support at $6,000, which held the price in a period between February and July in 2018.

Therefore, this puts in doubt the possibility that the price will validate it and bounce since the MA is below the current trading structure. Even if the price were to reach it, it could mean that the bullish structure is not intact and the trend will not reverse once the price gets there.

So, a more logical move would be a decrease to $7,000, validating both the weekly support level and the ascending support line of the triangle prior to a breakout. This possibility is also bolstered by the proximity to the third halving, which is expected to occur in May.

To conclude, the Bitcoin price has been decreasing since reaching the resistance line of its long-term symmetrical triangle in February. It will most likely make a low near $7,000 before eventually breaking out from the triangle.

The post Bitcoin Is Bullish as Long as It Stays Above this Long-Term Moving Average appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

153 +