The charts basically speak for themselves. You can see very clearly when the 200MA becomes resistance in 2018 on the weekly chart and the 50MA becomes resistance on the daily chart . The labels in blue are from the daily chart while red arrows and text are the weekly labels.
We made a golden cross on the daily chart today which means we should of hit the peak price today and everything will be down from today until the 2md golden cross happens on the day chart. The main cause of the downward movement is because of the 200MA on the weekly timeframe being at $4480 and dropping.
In about 3.5 months when the 2nd told cross happens on the daily chart , the 50 & 200 will also almost meet on the weekly, switching the 50MA on the daily back to support from resistance and switching the 200MA on the weekly from resistance to supporting with the resistance removed it's nothing but up for the next 2 years.
The top chart shows the daily chart of how it happened in 2015 and the bottom chart shows the view of the same thing happening now. I don't know how to add a different chart so you will have to switch to weekly on your own to see what the moving averages look like on your own.
We are looking at a fall to $3400 to $4000 range where we will stay for 3 to 4 months if it plays out the same as 2015 time wise it took exactly 2 months for the death cross to happen after the first golden cross that happened today and then 6 weeks from the death cross till the 2nd golden cross which happen when BTC is already halfway up the hill
We made a golden cross on the daily chart today which means we should of hit the peak price today and everything will be down from today until the 2md golden cross happens on the day chart. The main cause of the downward movement is because of the 200MA on the weekly timeframe being at $4480 and dropping.
In about 3.5 months when the 2nd told cross happens on the daily chart , the 50 & 200 will also almost meet on the weekly, switching the 50MA on the daily back to support from resistance and switching the 200MA on the weekly from resistance to supporting with the resistance removed it's nothing but up for the next 2 years.
The top chart shows the daily chart of how it happened in 2015 and the bottom chart shows the view of the same thing happening now. I don't know how to add a different chart so you will have to switch to weekly on your own to see what the moving averages look like on your own.
We are looking at a fall to $3400 to $4000 range where we will stay for 3 to 4 months if it plays out the same as 2015 time wise it took exactly 2 months for the death cross to happen after the first golden cross that happened today and then 6 weeks from the death cross till the 2nd golden cross which happen when BTC is already halfway up the hill
Comment:
The weekly 50MA resistance is at around $5480 at this point, although a push to $6600 shouldn't be considered impossible, just that it will likely be manipulation like what happened right before the drop a few days ago. If we really were to break that resistance we wouldn't just slowly and barely break it we would explode a few hundred atleast and stay there. A squeeze is always something to watch out for also. The week candle closes in 2 days and will result in a nice move down in resistance so any short near the resistance will become even more secure in 2 days.
Comment:
As you all may have noticed the 5m, 15m, 30m and 1h have all been on their last major support as far as moving averages go for the last 12 hours or so. $5150-$5160 is the range. If it breaks support we could easily fall hard to $4600. After that $4100 and $3550 are the last targets. $3550 being where the 200ma weekly currently is. That is also the line we will hit eventually as the lowest price you will be able to buy bitcoin ever again. By time we get their I'm thinking it will be around $3700. I believe we won't get their for about 2 months and it slowly moves up weekly.