Bitcoin Pattern Signalling The Next Trend?
A pattern is forming in Bitcoin if you know where to look so could this signify
what will occur next for this highly traded cryptocurrency.
In April 2021 price declined from circa $65,000, dropping 55% to below $30,000
in June 2021. Then after a rally, price declined from just under $70,000 in
November 2021 to circa $33,000 in January 2022 and this drop was 51%.
The percentage moves is the first of the similarities between the two declines
as they both saw a drop of just over 50%. Price pulled back around $36,000 in both
cases and the duration of the declines was not far apart. The first decline lasted
10 weeks and the second one was 11 weeks.
Bitcoin is making good progress now and the next hurdle in the way if price is going
to keep heading up, is the 50 simple moving average followed by the $50,000 round
number. Let’s see how this cryptocurrency performs over the next few months.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
what will occur next for this highly traded cryptocurrency.
In April 2021 price declined from circa $65,000, dropping 55% to below $30,000
in June 2021. Then after a rally, price declined from just under $70,000 in
November 2021 to circa $33,000 in January 2022 and this drop was 51%.
The percentage moves is the first of the similarities between the two declines
as they both saw a drop of just over 50%. Price pulled back around $36,000 in both
cases and the duration of the declines was not far apart. The first decline lasted
10 weeks and the second one was 11 weeks.
Bitcoin is making good progress now and the next hurdle in the way if price is going
to keep heading up, is the 50 simple moving average followed by the $50,000 round
number. Let’s see how this cryptocurrency performs over the next few months.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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