Bitcoin- What does this good news/ bad news cycle mean?
We continue to see all positive signs for long-term traders. A major event occurred this week that suggests we are still on an upward trend. However, it's important to keep in mind that 2023 will likely be a year of sideways movement, followed by upswings, and then 60% pullbacks. This cycle is expected to conclude in the second quarter of 2024. Please take the time to Boost this idea.
Let's take a look at the weekly timeframe and note that the rejection this time was slight. In contrast, the first rejection back in mid-August of 2022 was strong. I see indications that Bitcoin will soon push over the 50 and 200 MA. Once this happens, if we remain above the 200ma for three weeks, it will confirm a cemented recovery.
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So, what is the major event that happened this week?
Looking at the lines-only chart, we can see that the last MA (the 100-day moving average) has finally crossed over the 200MA. Below, you can see that the 10MA, 20MA, 50MA, and 100MA are now lined up above the 200MA.
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What might the months after this event look like? Take a look below.
[img]
[/img]
VERY IMPORTANT: Hitting the "Boost" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
Let's take a look at the weekly timeframe and note that the rejection this time was slight. In contrast, the first rejection back in mid-August of 2022 was strong. I see indications that Bitcoin will soon push over the 50 and 200 MA. Once this happens, if we remain above the 200ma for three weeks, it will confirm a cemented recovery.
[img]
So, what is the major event that happened this week?
Looking at the lines-only chart, we can see that the last MA (the 100-day moving average) has finally crossed over the 200MA. Below, you can see that the 10MA, 20MA, 50MA, and 100MA are now lined up above the 200MA.
[img]
What might the months after this event look like? Take a look below.
[img]
VERY IMPORTANT: Hitting the "Boost" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
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