BTCUSD - Why the bottom could be in.
A few differences to note:
-Duration, this bear market has played out faster so far.
We can see this by the duration from ATH to 55 EMA failure.
-EMA's, at point 3) Failed support on the weekly 55 EMA of 2014,
price dropped below the 90 EMA.
(2018 has not failed the 90 EMA, yet.)
What happens next?
We need to get above the weekly 55 EMA. $7200.
If we fail the 90 EMA, I expect a touch of the 150 EMA. $4700
The 2 wicks into the weekly 90 EMA are reminiscent of the
2 wicks forming the bottom of the 14/15 bear market.
Unless we close a weekly below the 90 EMA there is good
reason to assume the bottom is in.
-Duration, this bear market has played out faster so far.
We can see this by the duration from ATH to 55 EMA failure.
-EMA's, at point 3) Failed support on the weekly 55 EMA of 2014,
price dropped below the 90 EMA.
(2018 has not failed the 90 EMA, yet.)
What happens next?
We need to get above the weekly 55 EMA. $7200.
If we fail the 90 EMA, I expect a touch of the 150 EMA. $4700
The 2 wicks into the weekly 90 EMA are reminiscent of the
2 wicks forming the bottom of the 14/15 bear market.
Unless we close a weekly below the 90 EMA there is good
reason to assume the bottom is in.
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