Several things to point out here:
- We just closed a monthly candle above the 20 month MA, after peeking in. In the prior bull market, the 20 month and 50 month MAs began to approach each other before market went full bull.
- With BTC, corrections take much longer than run ups, ~1.5-2 times as long.
- The blue lines and purple waves show a possible long term triangle pattern forming.
- We still have big supports around the 6k level from the time right before the hash war, the 20 and 50 month MA. Given past price action, I believe it's quite unlikely we break those levels and stay below them.
- We see decreasing volume correlated with changes in trend direction. It appears we are in a medium term downtrend/bull flag in a longer term bull market.
- The halvening is occurring on May 15 2020 (see vertical light-blue lines).
- The arrows I drew to project where the 20 and 50 MA will be 6 months from now are just an approximation. I believe the price has a higher likelihood of bouncing the close those lines get to each other and will mark the end of this corrective wave.
As normal, this is just TA and I can definitely be wrong. Time will tell =)
- We just closed a monthly candle above the 20 month MA, after peeking in. In the prior bull market, the 20 month and 50 month MAs began to approach each other before market went full bull.
- With BTC, corrections take much longer than run ups, ~1.5-2 times as long.
- The blue lines and purple waves show a possible long term triangle pattern forming.
- We still have big supports around the 6k level from the time right before the hash war, the 20 and 50 month MA. Given past price action, I believe it's quite unlikely we break those levels and stay below them.
- We see decreasing volume correlated with changes in trend direction. It appears we are in a medium term downtrend/bull flag in a longer term bull market.
- The halvening is occurring on May 15 2020 (see vertical light-blue lines).
- The arrows I drew to project where the 20 and 50 MA will be 6 months from now are just an approximation. I believe the price has a higher likelihood of bouncing the close those lines get to each other and will mark the end of this corrective wave.
As normal, this is just TA and I can definitely be wrong. Time will tell =)
