Does BTC Need a Double Bounce off the 1500 Day MA???
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I've set up the FIbonacci according to the lowest point of the 2018 Bear run. This has proven to be a safe zone for me.
Bitcoin is currently bouncing along the .382 Fib and has not broken out yet. On May 12th we got a sharp test on the 1500 Day Moving Average.
I am waiting to see if Bitcoin will break below the current Fib again and retest the 1500 Day MA, and hopefully bounce to confirm solid support there- or move up in a reversal from the 1500 Daily MA, as in the past. A double bounce would be a great sign of a solid turnaround, but not necessary according to it's past tests of 1500 MA support. This seems to be a major fallback point, signifying solid support.
However, there are multiple upside targets. Each dashed red line is a resistance/support line with a price label. These will likely coincide with shorter term FIbonacci placement, but in this case I use both the S/R lines and the long-term FIb for targets. A green dashed line indicates support with a price label. These lines change from red to green and green to red, as the price moves through them and they change from resistance to support, and vice versa. The diamonds are pivots, and the colored labels above and below are coded confirmations.
The .236 Fib is below the 1500 Day MA, and I anticipate this to be the lowest estimated point Bitcoin would test. It's still possible, due to the instability in the overall markets, expansion of the war in Ukraine, reduced consumer spending & risk due to inflation, and reduced available borrowing capital. According to a recent IMF report on dollar dominance in global markets, “the share of reserves held in US dollars by central banks has dropped by 12 percentage points since the turn of the century, from 71 percent in 1999 to 59 percent in 2021." The USD is losing value as a result of this drop in dominance and loss of trust by other countries in the world. However, BTC is measured against so many other currencies and digital assets. Most noticeably, the USD losing value historically sees increases in BTC value.
I believe that we are in for a major surge in the Bitcoin price long term and a major decline in the dollar value short-term and long-term. 40% of our country's total currency in history,was printed in the last few years. Our National Debt increased to over $30 Trillion, we saw inflation rise to over 8%. This money printing has further debased our currency, and countries like Russia and China are moving away from the USD. Inflation is causing the USD to lose 1% of it's value every 30 Days. This doesn't really take into account or include the rise in energy, food, goods, & services costs.
===>>tokenist.com/every-30-days-inflation-is-reducing-the-us-dollars-value-by-1/
Bitcoin has steadily gained value over the last 10 years while the USD has continued to fall. So, I'm trying to make sure I am betting on a winning horse here. It's definitely not the U.S. Dollar. Just look at how much value it's lost against the Russian Ruble in just the last 3 months.
Bitcoin is currently bouncing along the .382 Fib and has not broken out yet. On May 12th we got a sharp test on the 1500 Day Moving Average.
I am waiting to see if Bitcoin will break below the current Fib again and retest the 1500 Day MA, and hopefully bounce to confirm solid support there- or move up in a reversal from the 1500 Daily MA, as in the past. A double bounce would be a great sign of a solid turnaround, but not necessary according to it's past tests of 1500 MA support. This seems to be a major fallback point, signifying solid support.
However, there are multiple upside targets. Each dashed red line is a resistance/support line with a price label. These will likely coincide with shorter term FIbonacci placement, but in this case I use both the S/R lines and the long-term FIb for targets. A green dashed line indicates support with a price label. These lines change from red to green and green to red, as the price moves through them and they change from resistance to support, and vice versa. The diamonds are pivots, and the colored labels above and below are coded confirmations.
The .236 Fib is below the 1500 Day MA, and I anticipate this to be the lowest estimated point Bitcoin would test. It's still possible, due to the instability in the overall markets, expansion of the war in Ukraine, reduced consumer spending & risk due to inflation, and reduced available borrowing capital. According to a recent IMF report on dollar dominance in global markets, “the share of reserves held in US dollars by central banks has dropped by 12 percentage points since the turn of the century, from 71 percent in 1999 to 59 percent in 2021." The USD is losing value as a result of this drop in dominance and loss of trust by other countries in the world. However, BTC is measured against so many other currencies and digital assets. Most noticeably, the USD losing value historically sees increases in BTC value.
I believe that we are in for a major surge in the Bitcoin price long term and a major decline in the dollar value short-term and long-term. 40% of our country's total currency in history,was printed in the last few years. Our National Debt increased to over $30 Trillion, we saw inflation rise to over 8%. This money printing has further debased our currency, and countries like Russia and China are moving away from the USD. Inflation is causing the USD to lose 1% of it's value every 30 Days. This doesn't really take into account or include the rise in energy, food, goods, & services costs.
===>>tokenist.com/every-30-days-inflation-is-reducing-the-us-dollars-value-by-1/
Bitcoin has steadily gained value over the last 10 years while the USD has continued to fall. So, I'm trying to make sure I am betting on a winning horse here. It's definitely not the U.S. Dollar. Just look at how much value it's lost against the Russian Ruble in just the last 3 months.
Note
Price has moved to reach the 1500 MA. Last Fib target still real.
Note
Price reached 1st Bearish Target.
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