BARSTrading

BTC Moving Averages (10, 50, 100, 200, 500) converging on 4HR

BINANCE:BTCUSDT   Bitcoin / TetherUS

First, I will link my previous chart that has been pretty solid so far. Please take a look.

From that chart, it plays out the neutral possibility, where it continues sideways and we get our alt season.
However, deviating from that idea a little, we are seeing an early convergence of all the Moving Averages on my chart.
My moving averages are 10, 50, 100, 200, 500. Historically when it converges as such, there is a squeeze and a pump that goes up, and drives the market a little higher.
This is what this chart is indicating. In other words, BTC will come down to 37.3 before going up again.
I have those coloured regions set up as being the resistance and support zones. The closer to we get to the top, the stronger the resistance becomes, as shown in the colour gradient.

Both the Moving average idea and my previous chart linked indicate a drop down to ~38k or low ~37k before rising again. I expect this movement to probably last 2-4 months
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