Previous bull markets were started with bitcoin breaking above the 20-week moving average and holding it as support after the bottom was in.
When comparing to the last cycle, we see bitcoin broke above the 20 week MA in Oct-15, and tested it multiple times during its move to 20k.
I predict we will be range-bound for a while. I personally think the 20 week will hold, and we may see a range between 10k and 11k as the 20 week MA continues to increase once lower-priced candles are replaced with higher priced candles in the 10, 11, and 12 thousand ranges.
Bitcoin is relatively decisive when it comes to testing the 20 week, and in the past has sold through it or jumped above it relatively quickly, so testing the 20 week without breaking through for 4 weeks now provides confidence the 20 week will continue to hold.
The RSI pattern is also looking similar to 2015, where RSI held the 54 level for the duration of the bull market.
I initially saw this analysis on the IntoTheCryptoverse Youtube Channel linked here: www.youtube.com/chan...qjQPSeaWn-uEx-w0XOIg
When comparing to the last cycle, we see bitcoin broke above the 20 week MA in Oct-15, and tested it multiple times during its move to 20k.
I predict we will be range-bound for a while. I personally think the 20 week will hold, and we may see a range between 10k and 11k as the 20 week MA continues to increase once lower-priced candles are replaced with higher priced candles in the 10, 11, and 12 thousand ranges.
Bitcoin is relatively decisive when it comes to testing the 20 week, and in the past has sold through it or jumped above it relatively quickly, so testing the 20 week without breaking through for 4 weeks now provides confidence the 20 week will continue to hold.
The RSI pattern is also looking similar to 2015, where RSI held the 54 level for the duration of the bull market.
I initially saw this analysis on the IntoTheCryptoverse Youtube Channel linked here: www.youtube.com/chan...qjQPSeaWn-uEx-w0XOIg