Bitcoin (BTCUSD) remains bullish on the monthly timeframe.
We are not used to seeing a "long-term" bearish Bitcoin. We are not used to seeing Bitcoin consolidate/go lower for months.
There was only one occasion where Bitcoin went negative for six months straight. That was between August 2018 and January 2019... What followed was the BTC 2019 bull-run which produced over 340% in growth.
Right now we see Bitcoin consolidating. 3 Bearish/red consecutive monthly candlestick closed, yet Bitcoin remains trading above EMA10.
Above EMA10 = Bullish Below EMA10 = Bearish
So Bitcoin can easily move higher long-term if it can remain above this level.
If EMA10 breaks with good strength and volume, now sitting at $7843. We can expect Bitcoin to test the $5065 level or EMA50.
I am looking at two scenarios mainly and they go as follow:
1) Bitcoin remains above EMA10. Here we follow the green arrow. In this scenario, EMA10 holds as support and Bitcoin does a slow and steady long-term climb towards new All-Time High.
2) Bitcoin breaks below EMA10. Here we follow the red arrow if support is broken. If Bitcoin (BTCUSD) breaks and closes below EMA10, it is very likely to test EMA50 at $5065-$5400. If this scenario becomes true this is the lowest we believe Bitcoin can go. In this case, we follow the red+purple arrows.
[B]FEELING THE MARKET
We believe that EMA50 ($5000 - $5400) will be tested before a new all-time high is produced.
Share your thoughts in the comments section below.
Interesting analysis!
Please share your thoughts about my idea.
I think we will see a retracement, but contunie this Mid Term downtrend which we are facing in current (my opinion). And this retracement won't be higher the $11.000 level.
@alanmasters, The estimates are on the chart above. You have made a pretty good call though, but it could go lower depending on how it completes the cycles before then.
I would love to share the specific targets with you but this information is only available on Purple Crypto Premium.
I share your view