I’ve been looking at similarities between the current price action and the ones of the past with BTC and I’ve noticed a similarity between today and October 2019 - March 2020.Firstly, this is all based on the movements of price around the 200, 100 a d 50 moving averages on the 3D chart.
Overall, the main point to take from this pattern is that
- Bull Trap to 50k levels has a high probability of happening.
- The following move down will almost surely be a capitulation or slow correction to the 20k levels.
- As long as there is conflicting direction between the moving averages, 50 pointing down, 100 sideways and 200 up, we will not be in the final bullish wave 5.
Overall, the main point to take from this pattern is that
- Bull Trap to 50k levels has a high probability of happening.
- The following move down will almost surely be a capitulation or slow correction to the 20k levels.
- As long as there is conflicting direction between the moving averages, 50 pointing down, 100 sideways and 200 up, we will not be in the final bullish wave 5.
King