I wanted to do a more elaborate write on this chart and I may as the next year unfolds. Current situation does not look like late 2013, it is highly unlikely we will see the parabolic J formation by year end. We have broke the 200 day MA on multiple occasions since April, when price goes below the 200 day MA history has shown us that bitcoin could back test the 200 week MA, and that back test will usually start a new parabolic run, one that could go most of 2022. There are a lot of factors that led me to this time line, I just dont feel like typing it all out right now.
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Price has been above the 50 day moving average for a few weeks now, the longer the prices holds above this MA the higher the likelihood we will see a run on new all time highs.
A new bull run now would invalidate this chart and increase the likelihood that the 200 week moving average will not be back tested again until the next big bear market.
A new bull run now would invalidate this chart and increase the likelihood that the 200 week moving average will not be back tested again until the next big bear market.
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Year of the bear