Charts are showing eerie similarities to a BTC Rally which had bulls in a frenzy back in 2018 upon testing of the 200dMA. As we can see from back testing, the 200dMA is a very accurate indicator of bullish vs bearish trends for BTC. Under the given circumstances, RSI is overbought and has printed what seems to be a hidden bearish divergence in the making as rejection from the 200dMA overhead is building. I have reason to believe we will reject here (printing a lower high) and take a trip down to the 200wMA (BTCs strongest known support) before officially breaking out of this downward channel, leading a rally into halving.
Break and support on the 200dMA would invalidate this idea
Break and support on the 200dMA would invalidate this idea
Note
Rejected the 200dMA on first touch. Lets see if a retest occursNote
idea invalidated. Great job bulls!
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.
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.