Bitcoin no longer finds support at the 100 daily MA, but it...
First of all, these corrections are incredibly important and healthy for the overall trend. Without them it would've been over already. I'm happy it happened, I was getting worried about the overly parabolic nature of this bullpen. I'm on the sidelines for the moment waiting to get back on the BTC train. This is my chance it seems. Fingers crossed.
WHAT I HAVE NOTICED:
- Before this bull run: BTC corrections would find support at the 100 Daily MA. Almost all of them.
- NOW: I found that currently on both the USD and EUR Bitcoin charts, most corrections end at the level of the 50 Daily MA.
The most important thing!
Use Fibonacci Retracement tool. They almost always stop at the golden ratio level of 0.618 from the last big move.
I expect 40.5k because of the confluence of the 0.618 fib and the 50 MA. Additionally, the corresponding level of the previous cycle also retraced to just below its previous significant (followed by a nasty correction) ATH.
TREAT THIS INFORMATION CRITICALLY. I'm no expert on this.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.