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Bitcoin bull market support band breaks $15k!

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The Bitcoin bull market support band, which consists of the 20 week SMA and the 21 week EMA now ranges from $15.4k – $16.8k. This is the price level that Bitcoin would want to definitively hold on weekly candles to maintain the integrity of the bull market. Right now, we are very far away from this level and it will seem out of reach to many. However, remember that the Bitcoin bull market support band is a moving target and by the time we test it, these moving averages could be much higher than they are today. Leave a comment down below on what you think of these support bands, and when you think we will revisit them!

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6 Comments

  1. Did you say if the Bitcoin price is at a sustainable $20K near the end of 2020 or beginning of 2021 then you'd have to reconsider your lengthening cycle theory? Specifically how long does Bitcoin have to be over $20K to be sustainable?

  2. There is a lot of wealth in the world and relatively speaking, not so much bitcoin. That doesn't mean there will not be pullbacks. There certainly will be but I guess the question I always ask myself is "why and what type of investor is currently putting money in to bitcoin and what would make them sell, given they might not actually need the funds right now and are aware they could be selling something that has potential supply issues in the near future?"

    A large part of me knows an investor of any size is interested in taking profits but another part of me thinks crypto has never seen the type of wealth inflow it currently enjoys. Nothing to do with the volume but the type of wealth and what that wealth means to the individual or organisation.

    It is impossible to know but I think this channel is incredibly useful to keep people somewhat grounded, despite us being in unprecedented times. We might be seeing the perfect storm of a finite supply of something that is becoming more and more coveted and a global economic situation that does not provide the old school stability for the wealthiest orgs to store their wealth.

    Buckle up, it's gonna be a crazy ride.

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