🅱️ ₿ Weekly, Best Case Scenario... First Time Since April 2020

10 янв. 2023 г.

After recovering from March 2020 low bitcoin moved above EMA10 signaling the start of the bull-market.

In this bull-market, the first time that bitcoin dropped below EMA10 it happened in May 2021 after the $64,862 All-Time High.

This signaled the start of the bear-market with a 55% drop.

A dead cat-bounce followed which ended in a double-top in November 2021... Guess what?

Bitcoin moved below EMA10 on the weekly timeframe... Signaling the start of the 1 year+ correction.

Only slightly in March/April did bitcoin managed to move back above EMA10 but a rejection soon followed and the bear market resumed.

Now, for the first time since April 2020, bitcoin is moving above EMA10 to the upside on the weekly timeframe, signaling the potential switching from the bears (red) to the bulls (green).

Here let's take into consideration the best possible scenario for the next target:

Fib. extension gives us two major resistance levels (targets):

1) $35,928
2) $48,557

Trend-based Fib. extension gives us the following two:

1) $40,356
2) $55,721

So instead of looking at the worst case scenario, let's look at the best case scenario possible.

These are the potential target for a recovery/relief rally in 2023.

Namaste.