Bitcoins' Most Important Support Breaks Down; What To Expect?
On the daily timeframe, Bitcoin's most important support broke down completely —that is this slow moving, long-term exponential moving average shown on the chart.
As I mentioned in previous trade ideas, this moving average first worked as support in May 2024 and later, after a lower high, was challenged again in late June.
This challenge of support in late June only led to a very, very small price bounce and now the resumption of the bearish move is in place. The support is now fully broken and confirmed.
Notice how the bearish move intensifies massively right below this line; the exponential moving average.
The last time we had this same market conditions, Bitcoin producing a new All-Time High and then moving below this ema was in May 2021. See here:
This signaled the orthodox top of the bull-market and the start of the longest bear market in the history of Bitcoin. The higher high in Nov. 2021 was part of an irregular correction and only became a "higher high" due to the expansion of the money supply. Technically speaking, we got a double-top and if we adjust the chart for inflation a lower high.
Now, I am not trying to say that we will witness another multi-year long bear-market but only that a major correction is already underway... This is only the confirmation, it has been happening for months... Expect lower prices.
Thanks a lot for your support.
Namaste.
As I mentioned in previous trade ideas, this moving average first worked as support in May 2024 and later, after a lower high, was challenged again in late June.
This challenge of support in late June only led to a very, very small price bounce and now the resumption of the bearish move is in place. The support is now fully broken and confirmed.
Notice how the bearish move intensifies massively right below this line; the exponential moving average.
The last time we had this same market conditions, Bitcoin producing a new All-Time High and then moving below this ema was in May 2021. See here:
This signaled the orthodox top of the bull-market and the start of the longest bear market in the history of Bitcoin. The higher high in Nov. 2021 was part of an irregular correction and only became a "higher high" due to the expansion of the money supply. Technically speaking, we got a double-top and if we adjust the chart for inflation a lower high.
Now, I am not trying to say that we will witness another multi-year long bear-market but only that a major correction is already underway... This is only the confirmation, it has been happening for months... Expect lower prices.
Thanks a lot for your support.
Namaste.
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