Bitcoin (BTCUSD) has found support so far on its 1D MA50 (blue trend-line) following the recent 1D MA200 (orange trend-line) rejection. The question on everyone's mind is whether or not this level will hold and will 'save the day'.
Well the historical price action from all past Bear Cycles aren't that encouraging. As you see, during the 2022, 2018 and 2014 Bear Cycles, every 1D MA50 consolidation after a 1D MA200 rejection, eventually resulted into a break below (in some instances even in a matter of few days) and new Lows for the Cycle.
As a result, there are higher probabilities for BTC to break below it and extend the Bear Cycle for a bottom towards the end of the year as the 4-year Cycle Model suggests.
Do you agree? Feel free to let us know in the comments section below!
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Well the historical price action from all past Bear Cycles aren't that encouraging. As you see, during the 2022, 2018 and 2014 Bear Cycles, every 1D MA50 consolidation after a 1D MA200 rejection, eventually resulted into a break below (in some instances even in a matter of few days) and new Lows for the Cycle.
As a result, there are higher probabilities for BTC to break below it and extend the Bear Cycle for a bottom towards the end of the year as the 4-year Cycle Model suggests.
Do you agree? Feel free to let us know in the comments section below!
---
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.