Re: 4 Key Similarities to Previous Bull Market Corrections
Similarities I & II: 100-week MA & 21-week EMA providing support
The start of this was the period during Q4 2015 and the beginning of January 2016 through which Bitcoin price ended the bear market with a parabolic move and found support at the 100-week MA and 21-week EMA.
The start of this was the period during Q4 2015 and the beginning of January 2016 through which Bitcoin price ended the bear market with a parabolic move and found support at the 100-week MA and 21-week EMA.
To follow up on this analysis, the 50 Week MA (purple) had a bullish crossover with the 100 Week MA (silver) in May of 2016 (circled right), similar to what is likely to happen soon too (circled left) in 4-5 weeks by the current forecast, as long as the price holds above the $7500 level which doesn't seem unlikely right now.
The irony is while breaking below the 100 Week MA at $7750 "looked" incredibly bearish at the time, it failed to confirm by closing a candle below it, which also happened in 2016 too, in the second week of 2016 if you looked twice.