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1/ Price is aggressively bouncing off the 350 day moving average after a retest.
Why is that important...
Why is that important...
2/ Price moving above the 350DMA has always indicated the start of Bitcoin bull markets.
Unusually we just came back to retest it - the price we pay for going up too high back in May this year. Thanks a lot Plustoken crew!
Unusually we just came back to retest it - the price we pay for going up too high back in May this year. Thanks a lot Plustoken crew!
3/ Breaking down through it would signal an end (at least temporarily) to the bull market - not cool.
So bulls are defending this level very hard, as we are seeing right now.
So bulls are defending this level very hard, as we are seeing right now.
4/ Also keep an eye on Bitcoin Network Momentum
At this point in prior cycles, we saw rapid increases in on-chain BTC volumes for 6-10wks b4 bull market started
Worth watching for now to see if this repeats following recent uptick
@woonomic version with coinmetrics data is
At this point in prior cycles, we saw rapid increases in on-chain BTC volumes for 6-10wks b4 bull market started
Worth watching for now to see if this repeats following recent uptick
@woonomic version with coinmetrics data is
5/ Regarding BTC on-chain volumes: yes there is more custodial ownership now and coins held on exchanges, but I still suspect there will be a significant uplift in on-chain activity very soon. It just may not need to go higher vs. the previous cycle to signal bull run.
6/ Combining the above with standard TA not included in this thread, I believe we are currently in the Late Bear phase of the market cycle
(Extract from the original article I wrote when sharing Bitcoin Network Momentum)
https://blog.goodaudience.com/bitcoin-network-momentum-a42346b2f0ce
(Extract from the original article I wrote when sharing Bitcoin Network Momentum)
https://blog.goodaudience.com/bitcoin-network-momentum-a42346b2f0ce
7/ Combining all that with Golden Ratio Multiplier to look forward, likely we will have a big move up in Jan/Feb taking price up to the region of the 350 x 1.6 (green line), which will be approx $12-13k by then.
After a brief pause around there...number go up!
After a brief pause around there...number go up!
8/ For now we are still waiting for a few daily closes above the 2yr MA to really drive confidence.
9/ Summary:
- Bulls defending current price levels hard to stay above the 350MA
- Caution needed until we get closes above the 2yr MA
- Likely we grind up slowly for the next 6-10wks while Network Momentum increases
- Then an explosive move up in Jan-Feb up to $13-$14k area
- Bulls defending current price levels hard to stay above the 350MA
- Caution needed until we get closes above the 2yr MA
- Likely we grind up slowly for the next 6-10wks while Network Momentum increases
- Then an explosive move up in Jan-Feb up to $13-$14k area
10/ Live charts here: https://www.lookintobitcoin.com/charts/
Alerts and newsletter here: https://www.lookintobitcoin.com/indicators/
End of thread. Cheers.
Alerts and newsletter here: https://www.lookintobitcoin.com/indicators/
End of thread. Cheers.
