Reasons for and against a Push higher by Bitcoin SOON sin November 2022, PA has almost become predictable.
Running on a Pattern of Steps and Always paying attnetion to the Weekly MACD
I have posted in detail about the weekly MACD in other posts so I will not expain much now but here is the chart again, It explains itself really.
We are, once again, Waiting for the weekly MACD to reset to Neutral, were we hope it will bounce again. BUT, as you can see, a 3rd bounce would be unusual but , on this occasion, Highly probable
On the main chart, we can see that PA began running on a Rising trendline and, after ranging for a while, it bounced off it in Mid October 2023. It has Never returned to that line.
PA began Ranging again in March 2024. Note that date on the MACD chart. MACD Peaked and began turning Bearish and fell till it hit neutral in Sep.
At that same moment, in Sep 2024, PA bumped into the 50 week SMA ( RED) and bounced up to a New ATH in Dec 2024
So, we had 2 bounces after ranges, seemingly unconnected - until you look at the day count of each range.
1st -April 2023 to Sep 2023 - 196 days
2nd - March 2024 to Sep 2024 - 189 days
Now also note the Double Tops and then the retrace on Both those Range dates AND on the current Range
And so NOW, Currently, we are in a Range, again, MACD Peaked High and is falling Bearish
But this Range began in DECEMBER 2024
So why do we have a possibility of a push higher soon ?
Look where that RED 50 week SMA is - Just below PA.
Could PA Bounce of it if we bump into it ?
We have come VERY Close in recent days. The 50 is around 75500 - PA got to 76500
If PA touches it, I am sure we will bounce Higher
And so This leads us to why we may NOT bounce soon
I think the Bulls are trying to keep PA off the 50 till MACD is reset. If true, that 50 will level out.
PA will have to touch it BEFORE it begins to fall or PA will have to drop below 70K to reach it.
And THIS Leads us to what I think could Very well happen
IF PA were to have a bounce higher soon , maybe to Top of Range, around 109 ( but probably Lower) this would give PA room to drop back to Bottom of Range while MACD continues to Fall. A Quick push up , say over 10 days, would hardly effect the MACD reset but gives PA room to move without loosing to much more value, Keeping Market CAP stable and Sentiment happy
MACD is expected to reach neutral, at current rate of descent, around May / June.
And Look..that happens to be around 189 days since range began. The same approx day count as the previous 2 ranges this cycle.
We may see a drop lower this month, nothing is for sure but if we fall below that 50 SMA, I will be changing my Bullish Tune and Screaming CAUTION
All to play for in the next few months
