Broke above bullish falling wedge, is 100k on the horizon??
So we’ve had a falling wedge forming over the course of 2 years. We’ve broken above that
Then we got a short term bullish megaphone, and we are now above that
We held the 20 week moving average which has always led to huge rallies, at least in the short term, some of those rallies became full on parabolic growth, but others were on the disappointing side (November double top 2021)
We have broken the bearish trend lines on both MACD and RSI on the weekly (with rsi hitting oversold territory on the weekly)
Now I need to see what happens if bitcoin retests the 200 weekly average, which just formed a death cross with the 50 weekly average last February.
I hope the death cross is a fake out. Moving average crosses are lagging data anyways.
If we retest and hold 200 weekly moving average, fib retracement levels take us to 1.272 as a conservative estimate. That is 100k. If we’re feeling lucky, maybe we could even hit 1.618 retracement from the bear market, which is in the 150k territory.
All of this hinges on bitcoin remaining above the 200 weekly moving average, and holding the 50 weekly moving averages that will catch up and eventually lead to a retest.
every bear has been waiting for that final leg down to 13k levels before a spring up for the next bull market. But my years of watching the market has shown… we don’t always get that final move that we want. Bulls expected a final move up to 90k in autumn 2021, we didn’t get it. Bears expect a final move down to 13k, I don’t think they’re guaranteed to get that entry point they’re drooling after. And then they will eventually panic buy in as bitcoin continues its uptrend. That’s how the market goes
Then we got a short term bullish megaphone, and we are now above that
We held the 20 week moving average which has always led to huge rallies, at least in the short term, some of those rallies became full on parabolic growth, but others were on the disappointing side (November double top 2021)
We have broken the bearish trend lines on both MACD and RSI on the weekly (with rsi hitting oversold territory on the weekly)
Now I need to see what happens if bitcoin retests the 200 weekly average, which just formed a death cross with the 50 weekly average last February.
I hope the death cross is a fake out. Moving average crosses are lagging data anyways.
If we retest and hold 200 weekly moving average, fib retracement levels take us to 1.272 as a conservative estimate. That is 100k. If we’re feeling lucky, maybe we could even hit 1.618 retracement from the bear market, which is in the 150k territory.
All of this hinges on bitcoin remaining above the 200 weekly moving average, and holding the 50 weekly moving averages that will catch up and eventually lead to a retest.
every bear has been waiting for that final leg down to 13k levels before a spring up for the next bull market. But my years of watching the market has shown… we don’t always get that final move that we want. Bulls expected a final move up to 90k in autumn 2021, we didn’t get it. Bears expect a final move down to 13k, I don’t think they’re guaranteed to get that entry point they’re drooling after. And then they will eventually panic buy in as bitcoin continues its uptrend. That’s how the market goes
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