BTCUSD The meaning of the 20MA for the long-term price trend
Hello, fellow traders and hodlers,
I've come up with yet another idea, and I know it might sound a bit cliché, but timing is crucial in this case. If we take a look at the entire BTC history, you can see how the price has reacted to the 20 MA.
If we've stayed below it on a weekly timeframe, the price either took a sharp nosedive or lingered beneath the 20 MA for an extended period. As of the moment I'm sharing this idea, the price hasn't crossed the ~27960 mark (currently at 27850), which corresponds to the current 20 MA price value.
In the next two weeks, we need to establish ourselves above this value to even begin talking about potential further growth or at least a hint of it, drawing from Bitcoin's historical trends over the years. However, if we fail to break above the 20 MA, we might end up stuck beneath it for an extended period or even experience a price drop.
Experienced traders are already aware of this nuance, and those who aren't will see and understand what steps to take next (if they grasp what they're doing and can appreciate the value of my idea).
See you in a week or two!
Wishing everyone peace and prosperity!
I've come up with yet another idea, and I know it might sound a bit cliché, but timing is crucial in this case. If we take a look at the entire BTC history, you can see how the price has reacted to the 20 MA.
If we've stayed below it on a weekly timeframe, the price either took a sharp nosedive or lingered beneath the 20 MA for an extended period. As of the moment I'm sharing this idea, the price hasn't crossed the ~27960 mark (currently at 27850), which corresponds to the current 20 MA price value.
In the next two weeks, we need to establish ourselves above this value to even begin talking about potential further growth or at least a hint of it, drawing from Bitcoin's historical trends over the years. However, if we fail to break above the 20 MA, we might end up stuck beneath it for an extended period or even experience a price drop.
Experienced traders are already aware of this nuance, and those who aren't will see and understand what steps to take next (if they grasp what they're doing and can appreciate the value of my idea).
See you in a week or two!
Wishing everyone peace and prosperity!
Comment:
The price has surged well above the 20 MA; we're awaiting further price action to make conclusions.
At the moment, the price is around 28k, despite the fake news spike to 30k on the ETF announcement. We'll have to wait and see at what levels the week closes to make assumptions about the price's future direction. For now, I'm not too fond of this action. It looks more like we'll be heading down in the coming weeks, based on my experience.