BTC corrects off 25MA and 50MA, will it do it again?
Noticed this pattern yesterday right before BTC took a large dump down on us all.
So far this year whenever BTC has gone down, we first cross over the 25MA, close below it, bounce off the 50MA, then proceed into price discovery upwards and new ATHs.
The exception is February when we closed below the 25MA but never touched the 50MA. Despite this, i still find the pattern quite significant.
My thoughts are, we wicked WAY below the 50MA, and I just don't see why we should dismiss this. Right now we are trying to close back above the 50MA. imo these indicators are pretty serious for BTC. Do we ignore these crazy bearish signs and just assume that wick doesn't exist, and continue upwards?!
IMHO, i feel like we need to come down to the 100MA, the 48k mark as of publishing this idea. That makes the most sense. It doesn't really make sense for these signals to be ignored and we return to business as usual of the past 3 months.
Hate to be that buzzkill guys, it's just you can't ignore TA like this. Everyone pointing to Chinese fundamentals for the dump... you can point to any fundamentals you want but if you close below a 3month long well respected ascending trend line... then price will dump! Blame it on the price of eggs in rome, or aliens, it doesnt matter. The TA matters.
So far this year whenever BTC has gone down, we first cross over the 25MA, close below it, bounce off the 50MA, then proceed into price discovery upwards and new ATHs.
The exception is February when we closed below the 25MA but never touched the 50MA. Despite this, i still find the pattern quite significant.
My thoughts are, we wicked WAY below the 50MA, and I just don't see why we should dismiss this. Right now we are trying to close back above the 50MA. imo these indicators are pretty serious for BTC. Do we ignore these crazy bearish signs and just assume that wick doesn't exist, and continue upwards?!
IMHO, i feel like we need to come down to the 100MA, the 48k mark as of publishing this idea. That makes the most sense. It doesn't really make sense for these signals to be ignored and we return to business as usual of the past 3 months.
Hate to be that buzzkill guys, it's just you can't ignore TA like this. Everyone pointing to Chinese fundamentals for the dump... you can point to any fundamentals you want but if you close below a 3month long well respected ascending trend line... then price will dump! Blame it on the price of eggs in rome, or aliens, it doesnt matter. The TA matters.
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