#BTC Snapshot - Bull Market Support Band
We could be heading for a test of the bull market support band which should give us an indication if we can expect to break up or down.
The bull market support band is just a name given to a combination of the 20-week Simple Moving Average (SMA) and a 21-week Exponential Moving Average (EMA).
On the zoomed out chart you can see how this band has acted as support for the whole of the 2023-2024 uptrend. The indicator became really popular a few months back with the suggestion that it was being used by certain institutional algo's to make buys.
The last test of the band came on April 30th when price rebounded dramatically from a falling wedge and into a bullish breakout gaining 20% in the following 3 weeks.
We are approaching the band again in a similar falling wedge shape could be a key moment. If we bounce we could see an ATH, breakdown and we're likely in for a correction.
Based solely on the technicals you would anticipate a breakup - but there is a lot more at play atm.
The bull market support band is just a name given to a combination of the 20-week Simple Moving Average (SMA) and a 21-week Exponential Moving Average (EMA).
On the zoomed out chart you can see how this band has acted as support for the whole of the 2023-2024 uptrend. The indicator became really popular a few months back with the suggestion that it was being used by certain institutional algo's to make buys.
The last test of the band came on April 30th when price rebounded dramatically from a falling wedge and into a bullish breakout gaining 20% in the following 3 weeks.
We are approaching the band again in a similar falling wedge shape could be a key moment. If we bounce we could see an ATH, breakdown and we're likely in for a correction.
Based solely on the technicals you would anticipate a breakup - but there is a lot more at play atm.
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