Yes! BITCOIN 50 Day Moving Average has crossed the 200 Day Moving Average just hours ago, and with such a expected milestone accomplished the whole crypto market is again in green numbers, willing to overpass the current Higher High of the year of about 185 Billion USD.
A Golden Cross is just the signal that give us confidence regarding the better conditions of the market but, as usual, we have to be cautious still because the ACCUMULATION phase is still on going.
If Market behaves similarly to 2015 Accumulation phase, we may have another fall soon before confirming the REVERSAL.
In particular, on 2015 we had a first Golden Cross on July 14th and a subsequent fall in order to test the lowest point, after that we had a very reactive raise, and a second Golden Cross which occurred three months later:
The fact is that the current Market has some similarities with the 2015 market but we cannot say that both are equal.
Currently we have an exceptional Overbought RSI which alert us to think that a drop may come:
However, I have to be consequent with my plan and as far my Elliot Wave count is valid I bet for 6200 USD in order to complete the 3rd wave of this trip, which is now resuming:
If BTC manages to overpass the current price, I don't see any resistance till 6200 USD from which the whole market fell dramatically last year so, seems like a free way up till there, thus in my opinion BULLS look closer than ever.
Enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Nice analysis! Your chart skills kick ass (: whatever happens in the short-term it’s looking like 2019 might end like 2017! 🎉
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Probably more like 2016. 2020 on the other hand...
Good post Eddie. I've been wondering the same question for quite some time. Ultimately I realised the same thing you have "The fact is that the current Market has some similarities with the 2015 market but we cannot say that both are equal."
What that means is that it doesn't really matter. We may take longer to break out, we may break out on our first attempt. The important thing is that will WILL break out. And THAT will be something really special!
Is NOWHERE safe from you guys?
I believe FMI president announcing negative interest rates also has to do with the uptrend.
https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-latest-updates-imf-christine-lagarde-blogpost-cryptocurrency-invest-a8308491.html
Thanks for sharing
Nice analysis @toofasteddie. I think we may see another push up between $5,900-$6,100, followed by a 25-30% correction...where I’ll stock up ;-)
Looks like this must be the logical way to follow...will see
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5 months it has taken BTC to take back the $100bi market cap, another psico barrier, perfect time to buy ALTS at a good price, or will you wait to buy alts at $6000? find the equilibrium ;)
Of course, and so I am doing ;-)
Yeah, but my worry its that this up trend its seems to be thanks to an investor bots... Wich mean that eveantualy they will sell profits... and bring down the price.
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