Just one glance at the weekly chart of Bitcoin, you quickly realize that 200 EMA has been the best buying opportunity historically.
The 200 EMA currently sits in the mid 20k which also has confluence with the 2 anchored VWAP from the bottom of the covid crash and top pre-crash.
We can also note that in a bullrun, if BTC loses the dominant trend(plotted in step line) twice, BTC usually visits 200 EMA.
I've also taken bar patterns for all major drops(blue: summer 2021 drop, green: covid drop, purple: 2018 bear drop, orange: 2014 bear drop)and overlayed them on the chart, which indicates that the bottom will likely be in the range of 19k to mid 20k.
This time is different?
Maybe? who knows? BTC could surprise us and go to 100k instead.
the indicator used:
by @ClassicScott
NOTE: This is not financial advice.
The 200 EMA currently sits in the mid 20k which also has confluence with the 2 anchored VWAP from the bottom of the covid crash and top pre-crash.
We can also note that in a bullrun, if BTC loses the dominant trend(plotted in step line) twice, BTC usually visits 200 EMA.
I've also taken bar patterns for all major drops(blue: summer 2021 drop, green: covid drop, purple: 2018 bear drop, orange: 2014 bear drop)and overlayed them on the chart, which indicates that the bottom will likely be in the range of 19k to mid 20k.
This time is different?
Maybe? who knows? BTC could surprise us and go to 100k instead.
the indicator used:
NOTE: This is not financial advice.