BITCOIN VS THE EMA's (COLORFUL LINE EDITION)
Another crazy looking chart.
Here's a neat chart that gives a picture of BITCOIN when you look at it from a bigger picture.
This is a scary point for BTC, it's somewhat on the edge of a cliff.
And if you look at the EMA's,
There are a few times when they have looked this overextended with the smaller EMA starting to come down closer to the 20.
Marked with flags.
So what does this chart mean?
Does it mean BTC will definitely go to 17k?
Idk, hard to say, but what I can say is bitcoin has some weird indicators and weird spring like trends starting to form.
Cycle wise, we should be topping out.
Which can really take the price down low.
But when we project out the numbers, and see BTC as a whole, and then consider where the price could be (100k to 1.2mil) we can see that a drop to 17k before a run to 120k wouldn't be the worst thing in the world as it allows the price to settle over the 50k mark, probably for a very long time.
But can we assume a drop to 17k?
No.
But we can project where a drop with a springlike move to the upside can take us.
So to follow the chart, connect the colors.
IF drop takes us to blue, and holds, good chance, we head back to blue.
If drop takes us to red, assume bounce back is huge.
I wouldn't be surprised to see 41 to 38k again in the near future.
If we start to break out, catching support at 62.9, watch for a sharp 70 or 80k rejection into a very similar move (steep drop, big return). If downside is sharp and fast, it likely returns to 52k to 62k pretty quickly, which then allows for the same confirmation at 62.9 without the need to return to 17k. That breakout at 62.9 with the downside having already completed should likely be a "launching point" in price, taking us to that 120k price target.
Why can we see such a big movement in a short period of time?
I'd assume or guess that it has to do with the nature of bitcoin, the news a crash could cause, a rush of institutional buying, and a drop in the overall market, and panic, lots of panic.
NOTE:
Projection line is a rough guess at best to show an idea, follow the price targets, as again, it doesn't have to drop that far, it doesn't have to drop that fast. But if it does, at least this chart will give you a rough idea of when you could try to buy into that fear.
Here's a neat chart that gives a picture of BITCOIN when you look at it from a bigger picture.
This is a scary point for BTC, it's somewhat on the edge of a cliff.
And if you look at the EMA's,
There are a few times when they have looked this overextended with the smaller EMA starting to come down closer to the 20.
Marked with flags.
So what does this chart mean?
Does it mean BTC will definitely go to 17k?
Idk, hard to say, but what I can say is bitcoin has some weird indicators and weird spring like trends starting to form.
Cycle wise, we should be topping out.
Which can really take the price down low.
But when we project out the numbers, and see BTC as a whole, and then consider where the price could be (100k to 1.2mil) we can see that a drop to 17k before a run to 120k wouldn't be the worst thing in the world as it allows the price to settle over the 50k mark, probably for a very long time.
But can we assume a drop to 17k?
No.
But we can project where a drop with a springlike move to the upside can take us.
So to follow the chart, connect the colors.
IF drop takes us to blue, and holds, good chance, we head back to blue.
If drop takes us to red, assume bounce back is huge.
I wouldn't be surprised to see 41 to 38k again in the near future.
If we start to break out, catching support at 62.9, watch for a sharp 70 or 80k rejection into a very similar move (steep drop, big return). If downside is sharp and fast, it likely returns to 52k to 62k pretty quickly, which then allows for the same confirmation at 62.9 without the need to return to 17k. That breakout at 62.9 with the downside having already completed should likely be a "launching point" in price, taking us to that 120k price target.
Why can we see such a big movement in a short period of time?
I'd assume or guess that it has to do with the nature of bitcoin, the news a crash could cause, a rush of institutional buying, and a drop in the overall market, and panic, lots of panic.
NOTE:
Projection line is a rough guess at best to show an idea, follow the price targets, as again, it doesn't have to drop that far, it doesn't have to drop that fast. But if it does, at least this chart will give you a rough idea of when you could try to buy into that fear.
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Venmo: @nicktussing
Donations appreciated, NOT AT ALL REQUIRED OR EXPECTED.
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