So, I use the 730 EMA to identify long term trends. And if we apply the 730 EMA to BTC we see a particular trend. Every time the price dropped below the 730 EMA, BTC dropped to its lowest of about 47%-48% from the point it went below the EMA. This happened in 2015, 2018 and 2020. Now, BTC went below 730 EMA in May 2022 and is currently sitting at about 30% below...
Its remarkable how similar BTC is moving when compared to last year May - July's price action. So, I wanted to create a hypothetical projection of what it may look like if BTC mirrored that whole move.
Obviously we are in a different timeline right now and this whole move can be invalidated by the FED's raising the interest rates and new inflation numbers....
BTC seems to be following a pattern here. Obviously past performance is not indicative of future movement but its interesting to see.
Not financial advice.
