Since the rejection on the 1D MA100 five days ago, Bitcoin (BTCUSD) has been on a short-term pull-back which got accelerated yesterday. We covered the short-term outlook with an urgent update yesterday:
For long-term traders and investors, the scene is a little different and is best illustrated on the 1W time-frame. This shows the price breaking below the 1W MA200 (orange trend-line) but still considerably above the 1W MA300 (red trend-line), which was the level that provided the support and immense rebound in March 2020 during the COVID asset-wide collapse.
What is perhaps more relevant than ever now, is BTC's Historic Growth Zone (blue) which has held on the mid-June low and is about to be put up to test again. That Support Zone has started back on the August 2015 low, the first after the 2014 Bear Cycle. Respecting this level, means that we are still inside the ultimate Buy Zone and therefore at the start of a new Bull Cycle.
At the same time the 1W RSI is (naturally) pulling back a notch and seems to be consistent with the April 2015 and January 2019 pull-backs, which where right before the start of the first rallies of the new Bull Cycles.
So what do you think? Will the historic Growth Support come to the rescue once again or not? Feel free to share your work and let me know in the comments section below!
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For long-term traders and investors, the scene is a little different and is best illustrated on the 1W time-frame. This shows the price breaking below the 1W MA200 (orange trend-line) but still considerably above the 1W MA300 (red trend-line), which was the level that provided the support and immense rebound in March 2020 during the COVID asset-wide collapse.
What is perhaps more relevant than ever now, is BTC's Historic Growth Zone (blue) which has held on the mid-June low and is about to be put up to test again. That Support Zone has started back on the August 2015 low, the first after the 2014 Bear Cycle. Respecting this level, means that we are still inside the ultimate Buy Zone and therefore at the start of a new Bull Cycle.
At the same time the 1W RSI is (naturally) pulling back a notch and seems to be consistent with the April 2015 and January 2019 pull-backs, which where right before the start of the first rallies of the new Bull Cycles.
So what do you think? Will the historic Growth Support come to the rescue once again or not? Feel free to share your work and let me know in the comments section below!
--------------------------------------------------------------------------------------------------------
Please like, subscribe and share your ideas and charts with the community!
--------------------------------------------------------------------------------------------------------
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.