Quote from: slowlyslowly on September 21, 2022, 07:58:48 AM

Quote from: ThemePen on September 21, 2022, 06:31:33 AM

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I thought the 300 wma was a better indicator at least of what might replace the 200 wma as a long term bottom price marker for being in really good buying territory

Sure we can use the 300-week moving average as a reference, which would be 6 years rather than 4 years (which is the 200 week moving average), but why? The 200 WMA is not broken. .it is still a good and solid reference point.

The 1,000 day moving average, just seems to confuse matters.. it is like just under 3 years, so it is like a 150 WMA.. so why not stick with the common reference of the 200 WMA.. there are already a lot of tools built around the 200 WMA.. and it still seems like a pretty damned decent reference point... even if we are below it for quite a bit longer (and maybe even further too) than ever before in bitcoin's history.. so yeah.. largely more than 3 months below the 200 WMA.. and furthermore touching upon more than 22% below the 200-week moving average today with price going down to $18,196 (so far) and the current 200-WMA at $23,353.

It seems to me that merely because we have been below the 200-week moving average for longer than we wish does not mean that it has discontinued to serve as a meaningful reference point - even as a bottom reference (as if it were ever an "absolute" bottom because absolutes do not exist in bitcoinlandia.. and there tends to be a lot of excitement in breaking extremes and even going more extreme, when possible.

Sure the 300-week moving average is there (and it appears to be currently at about $17,700-ish).. which is not very much at a lower price than our current price.. but it is not a very frequently touched upon metric in bitcoinlandia.. so far (and in June when we reached $17593, the 300-WMA was then at about $16,750-ish).. so how could the 300-week MA have a whole hell of a lot of meaning - except to make some of us (HODLers) depressed because we are going lower than we had previously.. but still a big so what, since shit happens and bitcoin is still not dead and not likely to be dead even if the BTC prices go down to the 300-week moving average or even if we start looking at the 400 week moving average (8 years).. why?. .just to start to feel negative about bitcoin? when there is nothing really to feel negative about?