BTC WILL PUT A VERY NASTY LEG DOWN. Read⬇️
If we look at the monthly chart of btc. The 200 WMA (red) was never broken it always bounced of it at the bottom of the bearmarket. The 133 WEMA (white) is a bull market EMA. Whenever BTC broke the 133EMA it entered an accumulation phase. (1)
So whenever BTC
reclaimed the 133WEMA (white) it started the bull market. This time is different. We broke the 133WEMA and the 200WMA. So we need to look for other clues. If we look closely at the RSI. We see that the long term bull market 46RSI is broken.(2)
But tony what will be the next bottom. I will show you. In trading we look for confluence to strengthen our hypothesis. If we look at the weekly chart we can mark a demand zone, we can point a support zone with the volume profile indicator and we can see the weekly 500MA.(3)
One more thing if we measure the legs. It coincidentally falls in the zone we marked. Completing the 5th leg. Between 11k-9k btc. (4)
This post is based on this twitter thread.