In the last 5 years, BTC has had five periods during which it traded above its 50-day EMA for significant stretches of time. These lengths were 105 days, 56 days, 91 days, and 112 days. It has currently been trading above its 50-day EMA for 147 days. It nearly touched its 50-day EMA once on January 27th (111 days).
Additionally, the 105-day, 56-day, and 91-day runs were tightly grouped. However, on those occasions, BTC met up with its 20-day MA and 50-day EMA, indicating support at those levels. This was not the case on Jan. 27th, nor is it the case now with BTC trading 14% above its 50-day EMA. I, for one, will be looking for more pullback in the short term.
Additionally, the 105-day, 56-day, and 91-day runs were tightly grouped. However, on those occasions, BTC met up with its 20-day MA and 50-day EMA, indicating support at those levels. This was not the case on Jan. 27th, nor is it the case now with BTC trading 14% above its 50-day EMA. I, for one, will be looking for more pullback in the short term.
Comment:
Like I always say. I don't know what I'm doing. Boy, was I ever wrong. Please don't listen to me!