Is bull run over - depends is it rhyming with 2017-18 or 2013-14
So, Bitcoin bear is playing hands now.
Bitcoin below 50K. Now the question is "Is bull run over?"
Because we don't know the future, we can only look into past and see whether future rhymes with the past.
There's two scenarios - "Is this bull run similar to 2017-18 bull run or is it similar to 2013-14?"
The honest answer is that - we can't tell yet. If it's 2017-18, then possibly bull run is over as in the daily and 4 hourly charts, moving averages are flipping. Now, if it continues to go side ways next few weeks months, then wait for another leg pull up at the year end, that will mimic 2013-14 bull run, which is quite possible. So, I am alarming the bell.. let's see whether Bitcoin breaks the 43,000$ support level. That's the last chance for the Bitcoin bull to mimic the 2013-14.
Look at the past 4 bull runs.
Look specifically in the red (20 day moving average) and yellow line (50 day moving average). If the red line is above yellow line on a daily time frame, the bull run is intact, when the price candles touches yellow line, it starts getting scary.. but still it's not confirmed. The bull run is only over when the yellow line decisively crosses the red line.
Look in 2013-14, how the price candle came down to yellow line in the first market top, but the yellow line could not take over the red line and then the second bull run and after the second bull run, yellow line takes over the red line.
But look in 2017-18 bull run, price candle touches the yellow line and also yellow line crosses red line, bull run over, bear market starts. Same in 2019 summer bull run.
But now.. as you can see.. price candle just touched the yellow line.. so, we can only know whether it's bear market if yellow line crosses the red line in coming weeks/months. If it goes side ways and stay above 40K level, Bitcoin can mimic 2013-14.
Therefore, we can not definitively say yet.. bull run is over. Time and market will tell.
#bitcoin #price #market
Bitcoin below 50K. Now the question is "Is bull run over?"
Because we don't know the future, we can only look into past and see whether future rhymes with the past.
There's two scenarios - "Is this bull run similar to 2017-18 bull run or is it similar to 2013-14?"
The honest answer is that - we can't tell yet. If it's 2017-18, then possibly bull run is over as in the daily and 4 hourly charts, moving averages are flipping. Now, if it continues to go side ways next few weeks months, then wait for another leg pull up at the year end, that will mimic 2013-14 bull run, which is quite possible. So, I am alarming the bell.. let's see whether Bitcoin breaks the 43,000$ support level. That's the last chance for the Bitcoin bull to mimic the 2013-14.
Look at the past 4 bull runs.
Look specifically in the red (20 day moving average) and yellow line (50 day moving average). If the red line is above yellow line on a daily time frame, the bull run is intact, when the price candles touches yellow line, it starts getting scary.. but still it's not confirmed. The bull run is only over when the yellow line decisively crosses the red line.
Look in 2013-14, how the price candle came down to yellow line in the first market top, but the yellow line could not take over the red line and then the second bull run and after the second bull run, yellow line takes over the red line.
But look in 2017-18 bull run, price candle touches the yellow line and also yellow line crosses red line, bull run over, bear market starts. Same in 2019 summer bull run.
But now.. as you can see.. price candle just touched the yellow line.. so, we can only know whether it's bear market if yellow line crosses the red line in coming weeks/months. If it goes side ways and stay above 40K level, Bitcoin can mimic 2013-14.
Therefore, we can not definitively say yet.. bull run is over. Time and market will tell.
#bitcoin #price #market