BITCOIN When and where can we BUY for the next BULL RUN?

2019年11月20日

It is beyond obvious that Bitcoin is on a critical 'make or break' level. The President Xi candle (price jumped from 7,350 to 10,500) failed to initiate a new Bull run, trapping retail longs in the process.

*The black and yellow Higher Low trend lines*
The price is now testing the February Higher Low trend line (yellow line) on the first important Support test of the short term. If broken, BTC will most likely test again the Cycle's median (bold black line) which during the last Bear Cycle supported until it eventually broke to form the bottom of the market in December 2018.

*The MA150/ MA200 Buy Zone*
If the black line breaks as it did in late 2018, then it is possible to initiate the final dip towards a new market bottom (especially if the MA50 is crossed downwards). Where can that be? What better level than the MA150/ MA200 Buy Zone, which worked exceptionally well on the last market bottom and provided the accumulation basis from December 2018 - March 2019.

*The RSI and LMACD*
I've studied those indicators extensively on previous studies (check the idea stream at the end of this analysis) and particularly on this occasion can help us time the bottom of this correction and start of the next Bull run. How? As for the RSI it clearly shows (shaded rectangle) that compared to the previous fractal, the price is trading near a bearish break out level (MA50). If that breaks and the RSI approaches 30.00, then Bitcoin should be on/ near the correction's bottom. As for the LMACD, it also shows that we are near the bearish break out point. Once negative and forms a Golden Cross, then we can assume that the new Bull Run will start.

Every price movement from now on will be of course related to the upcoming May 2020 Halving, and if you want to get a better understanding of this, feel free to check my last study:

Do you think those indicators can be accurate in projecting the bottom?

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