Not sure history will do it again. dont see the hype behind bitcoin on the rally side at the moment. to many people looking to get in at a lower price. great read thoView attachment 55391
View attachment 55392
Hi all. A boring week again.
This week i`m going a bit long-term again with 2 charts again.
Can the history be repeated? (chart 1)
It`s not 100% sure that the history be repeated but since now it looks like it`s happening even with some little differences but they`re insignificant. I`ll not say much more and will let you to think about this pattern.
Bitcoin Puell multiple. (chart 2)
This is something really interesting too. Thanks to Glassnode and their Puell multiple (PM) chart we can see a never failed since now bullish signal and even more. We saw this signal in the past is 100% right and now it`s even confirmed cuz the PM line went down to the green zone, then went up out of it, then back down but it bounced almost at the border and went back up. You can check this chart on their site.
Actual PA situation:
2nd resistance - $10500 – that will be a MAJOR resistance not only for the mid-term but also in a long-term, on the way to the next ATH like mentioned above.
- The price is still trying to breach the upside line but still can`t do it.
- 10 EMA – the price is perfectly bouncing from it again.
- 21 EMA - the price is still above it even without a touch of it.
- Correlation between 10 and 21 EMA – Despite the Corona drop every time when the 10 EMA is above the 21 EMA and the price is above both we can predict a very good bull period.
- Parabolic SAR – Another bullish week and there`s 10 weeks bullish signaling.
- Weekly pivot point is $9249.13 – a similar scenario like the last two weeks. Sorry to say it again but seems like we`ll end this week below it which can lead to another negative (3rd) week next week.
- Support and resistance:
- 1st support - $8500 - 50% Fibo and VPVR profile
- 2nd support - $7800
- 1st resistance - $9500-9800
That`s all for now.
See ya next time.