Bitcoin Monthly | Before ($5K) & After Halving ($31K) 2020
Updated
Bitcoin (BTCUSD) is also aiming at ~$5555 on the monthly timeframe, I say also because the weekly is aiming at the same target as well... Let's take a look.
Bitcoin first moved above EMA10 in April 2019.
After this level was conquered prices peaked at $13,880 in early June and the retrace started, EMA10 was then tested as support (Dec. 2019).
After a lower high last month (Feb. 2020), prices for BTCUSD are now moving below EMA10.
Since a lower high was hit, the next target on the monthly timeframe is now EMA50 or $5650.
This same level coincides with the 0.786 Fib. retracement support relative to the bullish wave from late Dec. 2018 until June 2019, making this an even more important support level.
Bitcoin Halving 2020
The halving event is getting closer where the miners' reward is going to be split in half... Prices tend to drop before this event and the charts agree.
So we can see prices dropping before the halving (red arrow) and then we can see long-term sustained growth (green arrow)... This is just one possible scenario of many, but this is how I believe things will go.
What's your take?
Will Bitcoin drop some more before the halving or will it move up right away?
Thanks a lot for reading.
Namaste.
Bitcoin first moved above EMA10 in April 2019.
After this level was conquered prices peaked at $13,880 in early June and the retrace started, EMA10 was then tested as support (Dec. 2019).
After a lower high last month (Feb. 2020), prices for BTCUSD are now moving below EMA10.
Since a lower high was hit, the next target on the monthly timeframe is now EMA50 or $5650.
This same level coincides with the 0.786 Fib. retracement support relative to the bullish wave from late Dec. 2018 until June 2019, making this an even more important support level.
Bitcoin Halving 2020
The halving event is getting closer where the miners' reward is going to be split in half... Prices tend to drop before this event and the charts agree.
So we can see prices dropping before the halving (red arrow) and then we can see long-term sustained growth (green arrow)... This is just one possible scenario of many, but this is how I believe things will go.
What's your take?
Will Bitcoin drop some more before the halving or will it move up right away?
Thanks a lot for reading.
Namaste.
Note
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