Bitcoin, SMA's and Created Trend lines
#Bitcoin Monthly, SMA and Trend lines
The chart is #BTC PA from January 2014 to now.
Each vertical line in the Month of January of each year.
The upper and Lower Trend lines are created by going through the January candles where there was a minimum of 3 candles that touched....making these Valid trend lines.
The SMA lines, Green - 20, Red - 50 and Blue - 100
Things to note are ;-
The 100SMA ( blue) has only once just managed to get inside that channel but has now sunk further away from lower trend line than ever before.
In Oct 2023, the 20SMA ( green) dropped below the 50 for the first Time Ever and has now dropped below that Lower trend line for the first time since Apri;l 2017.
The 50SMA ( red) went into channel in Oct 2017 and is currently Siting on it, the lowest it has been since that time.
What does this show us ?
Simply that the Bear market of 2021, 2022 was harder on Bitcoin than has ever been seen before. And Since January 2023, the recovery may have been a little Muted.
Pressure is ON #Bitcoin - We need to watch how PA reacts between now and Nexr January..We Should See a Rise to the upper trend line.....
The Weekly version of this shows very clearly how the SMA's have dropped tot he lower trend line, fist time since 2017 - they are currently in channel..the 200 is ON the lower line......
It has been a HARD Bear Market....
The chart is #BTC PA from January 2014 to now.
Each vertical line in the Month of January of each year.
The upper and Lower Trend lines are created by going through the January candles where there was a minimum of 3 candles that touched....making these Valid trend lines.
The SMA lines, Green - 20, Red - 50 and Blue - 100
Things to note are ;-
The 100SMA ( blue) has only once just managed to get inside that channel but has now sunk further away from lower trend line than ever before.
In Oct 2023, the 20SMA ( green) dropped below the 50 for the first Time Ever and has now dropped below that Lower trend line for the first time since Apri;l 2017.
The 50SMA ( red) went into channel in Oct 2017 and is currently Siting on it, the lowest it has been since that time.
What does this show us ?
Simply that the Bear market of 2021, 2022 was harder on Bitcoin than has ever been seen before. And Since January 2023, the recovery may have been a little Muted.
Pressure is ON #Bitcoin - We need to watch how PA reacts between now and Nexr January..We Should See a Rise to the upper trend line.....
The Weekly version of this shows very clearly how the SMA's have dropped tot he lower trend line, fist time since 2017 - they are currently in channel..the 200 is ON the lower line......
It has been a HARD Bear Market....
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