The monthly chart is quite similar to back in 2016, where the bullish cross of the 10 SMA (red) and the 21 EMA (yellow) pushed the price a lot higher.
BTC in 2016 had a long consolidation after an impulse up, and the price got pulled into the cross. Similarly to now, where after a huge spike in the price BTC has consolidated for a while (4 months so far) and is now being pulled into the cross of the two moving averages.
- The monthly stochs were accurate in calling the bull market in 2016, and it is doing the same thing now in 2019. This also emphasizes the long term bullishness of BTC.
This can be a positive sign, but can also mean that it will take time for BTC to start to gain momentum back to the upside. Also when you think about the halving next year, BTC has never surpassed its ATH's of the previous bull cycle, so this means we shouldn't expect BTC to pass 20K before the halving next year on the 13th May 2020.
Let me know your thoughts below!
BTC in 2016 had a long consolidation after an impulse up, and the price got pulled into the cross. Similarly to now, where after a huge spike in the price BTC has consolidated for a while (4 months so far) and is now being pulled into the cross of the two moving averages.
- The monthly stochs were accurate in calling the bull market in 2016, and it is doing the same thing now in 2019. This also emphasizes the long term bullishness of BTC.
This can be a positive sign, but can also mean that it will take time for BTC to start to gain momentum back to the upside. Also when you think about the halving next year, BTC has never surpassed its ATH's of the previous bull cycle, so this means we shouldn't expect BTC to pass 20K before the halving next year on the 13th May 2020.
Let me know your thoughts below!
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