Bitcoin is about to confirm the beginning of a bull market
Updated
Anything that follows is not to be taken as financial advice.
This is the weekly index chart for BTCUSD, and the moving averages you see in the picture are a 55EMA and a 200EMA, the only two EMAs I care about for calling death and golden crosses.
On lower timeframes such as the 4H and the 1D, you'll notice that when they get close to each other to form a cross, more than just sometimes a fakeout happens.
A fakeout, implies price action closing in the opposite direction relative to the EMAs, and when that happens, what you get is usually an explosive move.
Go apply these EMAs on charts such as ETHBTC (Binance) on the 1D and you'll see what I mean, that being just one example.
I think a proper fakeout is just as powerful - if not more - as a textbook cross itself.
Once again, confirmation will be had with a close above both the 55EMA and the 200EMA.
With that happening, BTCUSD would also see a big range break, closing above any high printed since july of last year.
Meaning I'd be comfortable calling it the start of a new bull market.
Good luck.
This is the weekly index chart for BTCUSD, and the moving averages you see in the picture are a 55EMA and a 200EMA, the only two EMAs I care about for calling death and golden crosses.
On lower timeframes such as the 4H and the 1D, you'll notice that when they get close to each other to form a cross, more than just sometimes a fakeout happens.
A fakeout, implies price action closing in the opposite direction relative to the EMAs, and when that happens, what you get is usually an explosive move.
Go apply these EMAs on charts such as ETHBTC (Binance) on the 1D and you'll see what I mean, that being just one example.
I think a proper fakeout is just as powerful - if not more - as a textbook cross itself.
Once again, confirmation will be had with a close above both the 55EMA and the 200EMA.
With that happening, BTCUSD would also see a big range break, closing above any high printed since july of last year.
Meaning I'd be comfortable calling it the start of a new bull market.
Good luck.
Comment
A weekly close above the mentioned levels has been confirmed, thus officially validating this idea.Also, BTCUSDT on Binance has just registered a weekly close with the highest volume in its history so far.
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