One possible scenario to consider... before new ATH
Updated
Though perhaps not typical of BTC's history, it is worth taking a moment to consider if we are in fact in a long term symmetrical triangle. The declining volume over the past two years and downward momentum on the Stochastic RSI would certainly lend some support to the prospect.
If this is the case, the next move down would put us into contact with the support line at approximately $5000... which just happens to also be almost the exact level as the crucial weekly 200 Moving Average that saved BTC at the start of 2019. Technical Analysis may only provide a hint of what is coming, but when multiple powerful factors converge it certainly increases the likelihood. In the unlikely even that the Weekly 200MA failed to hold, we could then look to the monthly 50MA for support around $3000, before a quick snap back up.
Regardless, this is ultimately a bullish outlook, as I would consider these all stepping stones on the way to a new all time high following the 2020 halving.
Save crucial space on your Trading View chart by utilising the free RSI and StochRSI indicator which overlays both in a clear and helpful fashion.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
If this is the case, the next move down would put us into contact with the support line at approximately $5000... which just happens to also be almost the exact level as the crucial weekly 200 Moving Average that saved BTC at the start of 2019. Technical Analysis may only provide a hint of what is coming, but when multiple powerful factors converge it certainly increases the likelihood. In the unlikely even that the Weekly 200MA failed to hold, we could then look to the monthly 50MA for support around $3000, before a quick snap back up.
Regardless, this is ultimately a bullish outlook, as I would consider these all stepping stones on the way to a new all time high following the 2020 halving.
Save crucial space on your Trading View chart by utilising the free RSI and StochRSI indicator which overlays both in a clear and helpful fashion.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
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Note
Note
The journey to 5k (or at least 6k) continues...
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