I noticed some recurring trends in the past two 2-month BTC cycles. See chart above.
NB The grey textbox in my chart says that price dropped from ATH to 26MA line in 2 days - is a typo, should be 3 days.
Close up of price retrace before larger correction:
At the moment BTC is still in uptrend so I'm bullish until the 26MA is broken. I do feel the segwit fork could be overextending BTC this time though, so it might drop down the the 26MA line in less than 3 days (and I would not be surprised if it would take less than a day this time).
NB The grey textbox in my chart says that price dropped from ATH to 26MA line in 2 days - is a typo, should be 3 days.
Close up of price retrace before larger correction:
At the moment BTC is still in uptrend so I'm bullish until the 26MA is broken. I do feel the segwit fork could be overextending BTC this time though, so it might drop down the the 26MA line in less than 3 days (and I would not be surprised if it would take less than a day this time).
Note
These 26MA line ideas also hold up pretty well in earlier cyclesOnly notable difference is that in these earlier BTC cycles, the price didn't go back up much after it broke below the line.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.