Bitcoin: BOOM or BUST?!
Hello crypto friends, I am Coin Savvy and I like charts. Check out this brand new analysis on Bitcoin and its 21 monthly EMA.
The Bitcoin monthly candle is about to close here in 5 minutes and we need to talk about some things.
Price action is RIGHT NOW sitting at $5260 and looking to close this monthly candle above this 21 monthly EMA (The 21 monthly EMA is around $5240 RIGHT NOW)
If this happens it will be the first time we tested this since we broke below it during the bear market around Nov 2018.
If we look back in time we can see that the first time price tested it's 21 monthly EMA after we broke below it during the bear market, we rejected hard with a 38% drop.
If we close this month below the 21 EMA then I could see us head back down around the same amount 38% drop which would take us down to around $3200 which is also where the 200 weekly SMA is at.
However if we close above this 21 monthly EMA then I could see price action test previous resistance from the major drop at around $6000-6200. With the way things have been going I could see us get up to $7000.
Tis a very interesting time especially with SPY being so resilient and the recent bull break of the DXY and how FEDFUNDS rates are not moving in 2019... Very interesting times ahead.
Coin Savvy, signing off. Enjoy your night, enjoy the charts, and respect the technical analysis.
The Bitcoin monthly candle is about to close here in 5 minutes and we need to talk about some things.
Price action is RIGHT NOW sitting at $5260 and looking to close this monthly candle above this 21 monthly EMA (The 21 monthly EMA is around $5240 RIGHT NOW)
If this happens it will be the first time we tested this since we broke below it during the bear market around Nov 2018.
If we look back in time we can see that the first time price tested it's 21 monthly EMA after we broke below it during the bear market, we rejected hard with a 38% drop.
If we close this month below the 21 EMA then I could see us head back down around the same amount 38% drop which would take us down to around $3200 which is also where the 200 weekly SMA is at.
However if we close above this 21 monthly EMA then I could see price action test previous resistance from the major drop at around $6000-6200. With the way things have been going I could see us get up to $7000.
Tis a very interesting time especially with SPY being so resilient and the recent bull break of the DXY and how FEDFUNDS rates are not moving in 2019... Very interesting times ahead.
Coin Savvy, signing off. Enjoy your night, enjoy the charts, and respect the technical analysis.
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