Bitcoin just closed the monthly candle below the 50 MA and hit a 27-month low. Damn. 😮💨
The monthly MACD is now more negative than it’s been since 2022. Feels like total exhaustion in the market.
But looking at the bigger picture, the economy is actually showing some good signs:
ISM PMI hit 54, that’s a 4-year high
Oil dropped below $68.50, which should help cool inflation
Job openings are at a 2-year high
I still think we’re following the classic 4-year cycle. Probably one last capitulation in the next 2-3 months before the next big leg up.
To show real strength, $BTC needs to get back above the 200-week MA at $62,648. If not, sellers stay in control.
Last cycle, the best accumulation phase started exactly when we dropped below the 50 MA and RSI + MACD made fresh cycle lows.
Looks like we’re right back in that zone again.
What do you guys think? Is this the final washout or are we going even lower? Drop your thoughts below 👇
#Bitcoin #BTC
The monthly MACD is now more negative than it’s been since 2022. Feels like total exhaustion in the market.
But looking at the bigger picture, the economy is actually showing some good signs:
ISM PMI hit 54, that’s a 4-year high
Oil dropped below $68.50, which should help cool inflation
Job openings are at a 2-year high
I still think we’re following the classic 4-year cycle. Probably one last capitulation in the next 2-3 months before the next big leg up.
To show real strength, $BTC needs to get back above the 200-week MA at $62,648. If not, sellers stay in control.
Last cycle, the best accumulation phase started exactly when we dropped below the 50 MA and RSI + MACD made fresh cycle lows.
Looks like we’re right back in that zone again.
What do you guys think? Is this the final washout or are we going even lower? Drop your thoughts below 👇
#Bitcoin #BTC