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Moving Averages on Bitcoin Chart

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idiosyncratic1
@idiosyncratic1
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Technical Analysis is an important tool that is relied upon by many veteran traders. RSI, MACD, Bolinger Bands, and many other indicators have been referred to millions of times. Although these tools are quite popular, they do not provide enough data to estimate the future of the prices properly.

The moment Technical Analysis gets stuck, Fundamental and Sentimental analyses scaffold it. By using these types of analyses, it becomes more likely to estimate the future actions of an asset compared to the analyses that only focus on one of them.

Now that Crypto Twitter discusses the 200 days Moving Average of Bitcoin as the first take profit area, it is time to dive into them.

200-Week Moving Average at 24k

Crypto Influencer Rekt Capital expects 200-week MA to be reached soon.

Considering the expectation, we may still see green days before we test 200-week MA to make a decision wether to go up or down.

50-Month Moving Average at 23.1k

I care about the resistance level of 23.1k for Bitcoin as Monthly Averages can be more decisive factors over the price actions.

Above 50-Month MA, we have 34k by 20-Month MA. However, 23k may not be easy to break and turn into a strong support level in the first attempt.

PiCycle Top Moving Average Levels

It is one of my favorite indicators to find the dips and tops of Bitcoin cycles. It shows that 18k works as the support level and we are far from the top level (53k) we may see.

Fundamental Turbulence

These days DXY and markets are moving through exactly opposite directions. As DXY goes down, we see green "everything" but it may not stay the same for a long time.

Petro dollar system is still valid though it is stress-tested frequently.

Petrodollars are oil export revenues denominated in U.S. dollars. Petrodollars are not a distinct currency; they are simply U.S. dollars accepted as payment by an oil exporter. - Investopedia

I expect to swing between 18k - 24k in the price of Bitcoin and the fundamental factors will play a decisive. role in this new channel. To be honest, my bullish side outweighs and 24k might be the first stop that we will get to.

What do you think about the moving averages? What is your expectation for the price of Bitcoin?

Posted Using LeoFinance Beta