Bullmarket Support Band flips Bullish
The Bullmarket Support Band has historically acted as a support level for Bitcoin prices during bull markets.
It is a simple long TF indicator and price tends to retrace towards it. For example, during the 2017 bull run, Bitcoin had several 30-40% corrections to the support band.
WHY THIS MATTERS:
The band just "flipped bull" on the monthly timeframe after a long bear trend since February 2022.
On the weekly we had a perfect touch off the support band with a nice reaction to the upside.
Most importantly we had our first monthly close above the Support band since April 2022.
Last time this occured was October 2019 7 months prior to the May 2020 halvening and imo 1 year before the real bullmarket started in October 2020.
Now we are 8 months away from the predicted April 2024 Halvening.
After October 2019 the support band was pretty much respected with minor dips, other than the Black Swan of the Covid Crash.
History rhymes, you cannot trade solely of this indicator but it certainly tingles my BULL NUTS.
As for the Price I think the big boys wanna see more fomo longs and for that we will need to reach 33-35K and imo 40k is not out of the question.
Once that is achieved a Black Swan could be looming, who knows what. At this point we all know its a game, just make sure to know the rules and play along.
NOTE: The band is created by plotting the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA) on a weekly chart.
It is a simple long TF indicator and price tends to retrace towards it. For example, during the 2017 bull run, Bitcoin had several 30-40% corrections to the support band.
WHY THIS MATTERS:
The band just "flipped bull" on the monthly timeframe after a long bear trend since February 2022.
On the weekly we had a perfect touch off the support band with a nice reaction to the upside.
Most importantly we had our first monthly close above the Support band since April 2022.
Last time this occured was October 2019 7 months prior to the May 2020 halvening and imo 1 year before the real bullmarket started in October 2020.
Now we are 8 months away from the predicted April 2024 Halvening.
After October 2019 the support band was pretty much respected with minor dips, other than the Black Swan of the Covid Crash.
History rhymes, you cannot trade solely of this indicator but it certainly tingles my BULL NUTS.
As for the Price I think the big boys wanna see more fomo longs and for that we will need to reach 33-35K and imo 40k is not out of the question.
Once that is achieved a Black Swan could be looming, who knows what. At this point we all know its a game, just make sure to know the rules and play along.
NOTE: The band is created by plotting the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA) on a weekly chart.
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