LIVE#BitcoinPricePredictions :- The 50-day Simple Moving Average serves as a valuable oscillator for understanding Bitcoin's daily price action.
- Bitcoin typically exhibits a movement in the range of
15% to 17% when it falls below this moving average.
- This pattern has been consistently observed
throughout 2023.
Breakouts above this MA have yielded substantial returns, from 35% to as high as 82%, as depicted in the chart.
Currently, the price is hovering around the same level.
A breach below this MA could lead to a 15% correction in the market, potentially bringing the price below $40k and even touching $36k.
This also aligns with 150 SMA another oscillator that shows potential reversal points during an uptrend.
On the contrary, maintaining the current level could propel the price to $52k.
It is essential to prepare for both scenarios.
These observations are solely derived from chart analysis, and the speculation is grounded in logic and fractals.
So, DYOR, NFA
I would appreciate hearing your thoughts on this analysis!
Feel free to share this chart with your friends!
