(BTC-USD) Possible Trend Reversal (August 22)
Patterns from other cycles seem to be repeating, after a new ATH from each cycle the price heads towards the green area where the EMA50 is, making a support.
The price rises, but does not resist the selling pressure and breaks the EMA50W, retests the same average in the yellow area but now as resistance.
Immediately crashes and reach EMA200, break the same average, but it has a fast recovery and reaches the accumulation zone in the blue area where historically it was the best zone to buy.
Bitcoin goes back up and hits a new ATH and the cycle repeats.
It worked so far, but several external factors can influence some values, so don't take my analysis for granted.
The price rises, but does not resist the selling pressure and breaks the EMA50W, retests the same average in the yellow area but now as resistance.
Immediately crashes and reach EMA200, break the same average, but it has a fast recovery and reaches the accumulation zone in the blue area where historically it was the best zone to buy.
Bitcoin goes back up and hits a new ATH and the cycle repeats.
It worked so far, but several external factors can influence some values, so don't take my analysis for granted.
Note
"several external factors" Nov - FTX Crash
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.