When Bitcoin breaks the 50 MA daily middle line has been a bad sign, let's compare what happened in 2016
Sometimes we must look back to estimate possible price movements
Let's see
Today I bring you the comparison of the Triangles 2016 with 2020 monthly charts, similarities, which could give us some indications of the price.
Could we see in the coming months a lateral price due to indecision, due to the global crisis and repeat what happened in 2016?
Analysis year 2016
As we see in 2016 after Halving, the price has been in a side channel for 168 days in which it has made a correction after losing the 50-period MA line.
That is why it is important for Bitcoin to keep the price above the 50-period average daily line.
It has taken 168 days to overcome this lateral channel, but in the course of that time it has broken the triangle in a bullish way
During this period it has again gained the 50-period median line and the price has continued to rise
Analysis 2020
Yesterday bitcoin breaks the daily average line of 50 periods daily chart, but at the end of the day it closes above this one that is telling us the price?
We should be watching the next few days if the price breaks again and closes the day with a candle below the 50-period average line, if it happens, it would be a bad indicator and compared to 2016, the fall from the maximum prior to halving could be 38%, which could take the price up to approximately $ 6500 dollars.
After a few months, the price should break the triangle at the top to start the post-half bull cycle if we repeat the post-mid 2016 process
What do you think we will repeat what happened in 2016, we will repeat the same pattern, or as a result of the world crisis we will see new minimum prices in Bitcoin?
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
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