In this simple example looking at the 50, 100, 200, 300 simple moving averages we can see where there has been reliable support in Prior Cycles.
Typically I prefer EMA's but this has historically been the best for finding Bitcoin bottoms since 2015 where we can see that BTC bottomed at the 300 week SMA (White Line), held low during the COVID crach, and which was also support near the bottom at the 2022 bear Market.
Price did dip down below that temporarily with the FTX collapse but that's to be expected.
The 200 week SMA in purple as also shown strong support as in the 2019 bear Market low and mostly held for the covid crash. At least the real body lows. So both are significant.
We can see that the 100 week SMA in Red has been fairly good at holding price temporarily and a good barometer for whether price is bullish or bearish.
Lastly the 50 week SMA in green is also been a good barometer for Market health and holding price as we've seen since 2023 and in Prior Cycles.
What's important to here however is, I'm looking at Confluence for the bottom of the 300 week SMA coinciding with solid buy blocks (Green) showing limit buy order concentration on the exchange order books. These have traditionally been excellent reversal zones.
We can also see cell pressure above current price as indicated by the limit cell order blocks in red, indicating heavy cell pressure on the exchange order books..
For all of these reasons I think it's more than likely that we continue to drift lower and find a bottom in that 50K range. That's where I'll be buying most likely.
I do not see us going much lower than that.
Questions and comments welcome.
Let me know what you think in terms of where and when the bottom will be this year.
Typically I prefer EMA's but this has historically been the best for finding Bitcoin bottoms since 2015 where we can see that BTC bottomed at the 300 week SMA (White Line), held low during the COVID crach, and which was also support near the bottom at the 2022 bear Market.
Price did dip down below that temporarily with the FTX collapse but that's to be expected.
The 200 week SMA in purple as also shown strong support as in the 2019 bear Market low and mostly held for the covid crash. At least the real body lows. So both are significant.
We can see that the 100 week SMA in Red has been fairly good at holding price temporarily and a good barometer for whether price is bullish or bearish.
Lastly the 50 week SMA in green is also been a good barometer for Market health and holding price as we've seen since 2023 and in Prior Cycles.
What's important to here however is, I'm looking at Confluence for the bottom of the 300 week SMA coinciding with solid buy blocks (Green) showing limit buy order concentration on the exchange order books. These have traditionally been excellent reversal zones.
We can also see cell pressure above current price as indicated by the limit cell order blocks in red, indicating heavy cell pressure on the exchange order books..
For all of these reasons I think it's more than likely that we continue to drift lower and find a bottom in that 50K range. That's where I'll be buying most likely.
I do not see us going much lower than that.
Questions and comments welcome.
Let me know what you think in terms of where and when the bottom will be this year.
25-year investor & trader, bought 1st BTC at $20
More information:
Work With Me 1:1
moonstreamcoaching.com
Trading Signals: CryptoMastery.org
M3 Active Trader: Moonstream.io/M3
More information:
Work With Me 1:1
moonstreamcoaching.com
Trading Signals: CryptoMastery.org
M3 Active Trader: Moonstream.io/M3
Publicações relacionadas
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
25-year investor & trader, bought 1st BTC at $20
More information:
Work With Me 1:1
moonstreamcoaching.com
Trading Signals: CryptoMastery.org
M3 Active Trader: Moonstream.io/M3
More information:
Work With Me 1:1
moonstreamcoaching.com
Trading Signals: CryptoMastery.org
M3 Active Trader: Moonstream.io/M3
Publicações relacionadas
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.