Comparison Of The Current Bitcoin Drop And That on January 2015
Updated
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This is a continuation of my previous idea which can be found here: tradingview.com/chart/BLX/VK45TzEd-The-Importance-Of-Bitcoin-s-200-Week-Moving-Average/.
On January 2015, the BTC price reached the 200-week moving average (white) and bounced above it. While it initially it looked as if it was going down, going as much as 15% below it, it proceeded to increase and close above.
The current downward move was stronger than the one in 2015. The BTC price decreased by a full 30% below the same MA, prior to increasing an reaching a close right at it. The current increase has taken the price well above this MA.
If the fractal continues to hold, the BTC price will increase above $8000, which is the beginning of the candlestick of the rapid decrease, before dropping sharply and creating a new support area near $6000.
Therefore, the price would increase significantly going into the halvening (vertical line), before decreasing and touching the MA once more. If this movement takes the same amount of time as that on 2015, the price will touch the MA once more on October 2020.
This is a continuation of my previous idea which can be found here: tradingview.com/chart/BLX/VK45TzEd-The-Importance-Of-Bitcoin-s-200-Week-Moving-Average/.
On January 2015, the BTC price reached the 200-week moving average (white) and bounced above it. While it initially it looked as if it was going down, going as much as 15% below it, it proceeded to increase and close above.
The current downward move was stronger than the one in 2015. The BTC price decreased by a full 30% below the same MA, prior to increasing an reaching a close right at it. The current increase has taken the price well above this MA.
If the fractal continues to hold, the BTC price will increase above $8000, which is the beginning of the candlestick of the rapid decrease, before dropping sharply and creating a new support area near $6000.
Therefore, the price would increase significantly going into the halvening (vertical line), before decreasing and touching the MA once more. If this movement takes the same amount of time as that on 2015, the price will touch the MA once more on October 2020.
Note
The current monthly candlestick is shaping up to be a hammer with a body of 21% and a wick of 42%.
It seems that the lows are getting bought up pretty quickly.
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