🔥 Bitcoin Starting A New Bull-Run? 20-Week SMA Break Out

Over the last couple of weeks I've made several bearish analyses on the overall market and Bitcoin specifically. I was expecting more bearish price action to arise from the overall bad macro conditions, but so did everyone else.
Lesson learned: when everyone is on one side of the market, start thinking against the trend.

In the analysis below I was bearish, but argued that a break out through the top resistance of the triangle could very well start a new bullish phase.


As of today we have got the bullish break out, so I'm more bullish in the near term (assuming we close the daily candle above $20k).

Currently, BTC is trading right on the 20-week SMA resistance. The 20-week SMA has been THE long-term indicator for either a bull or a bear market. Scroll back on the chart and you can see what I mean.

If BTC will close the week above the 20-week SMA with either a massive green candle or a retest after next week I will flip bullish. In that case, there's a high probability that $17.5k was indeed the bottom.

In the case of a confirmed bullish break out we can expect several green months. Let's see what the market will bring us.