Bitcoin's Next Move, Get ready!
**My analysis Continued:**
The 50 EMA is about to cross below the 200 SMA.
The last time this happened we got a relief rally then a dump below the 200 SMA to retest the long-term bullish trend line that started at the beginning of 2023.
The last relief rally was 20% over 2 days followed by a 21% drawdown that lasted 21 days.
This would mean that this relief rally could take us to 34,000 followed by a drawdown to 25,000.
I marked the RSI bottom on the chart to show where we currently are, and I highlighted the 50EMA / 200SMA cross-forming.
My strategy is to play both sides - alts may pop if we bounce here, then I will look for short entries as we approach 34,000.
I think the entry is most important for this move as you can see in my previous post, the fractals are designed to fake out and create indecision.
The 50 EMA is about to cross below the 200 SMA.
The last time this happened we got a relief rally then a dump below the 200 SMA to retest the long-term bullish trend line that started at the beginning of 2023.
The last relief rally was 20% over 2 days followed by a 21% drawdown that lasted 21 days.
This would mean that this relief rally could take us to 34,000 followed by a drawdown to 25,000.
I marked the RSI bottom on the chart to show where we currently are, and I highlighted the 50EMA / 200SMA cross-forming.
My strategy is to play both sides - alts may pop if we bounce here, then I will look for short entries as we approach 34,000.
I think the entry is most important for this move as you can see in my previous post, the fractals are designed to fake out and create indecision.
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