Bitcoin weekly chart (long term outlook)11/19 – cain522
Good morning everyone (again) I am zooming out to try to gain some idea of where the candles could be heading this morning. I had to use a Bitstamp chart instead of my usual Binance chart due to the length of time trading has been active on Binance. I cant even see a 200 MA on the weekly Binance chart because Binance has not been around for 200 weeks. Bitstamp just has more data so that is why I am using the Bitstamp chart. So looking at the chart I see back in 2017 when I first got into Bitcoin we went up to 20k and abruptly fell in the beginning of 2018. We did find some temporary support on the weekly 50 MA but ultimately we succumbed to the bears and fell to the 200 MA. We did eventually bounce nicely off the 200 MA so I expect that to be strong support if we do in fact approach it in the future. Another thing I noticed is the cloud gets very thin in late May 2018 and the candles used that opportunity to slip through the cloud and we continued the descent soon after we broke through that cloud. Looking at the candles today it looks surprisingly similar to what occurred after we peaked in 2017–2018. The cloud is very thin and the candles seem to be heading for the thin area of the cloud. I imagine it will break through and that would mean we would fall under the cloud and that would be bearish . We may just test the 200 MA again as well (I extended it a bit but it is only an estimate) If that happens we could see 5500–6k again within a matter of months. The 200 MA would have to hold for this to be a possibility. Never on this chart have we gone beneath the weekly 200 MA. So I imagine it is pretty strong support. We can only see back as far as June of 2015 but we have not gone beneath the 200 MA since that point. Most of this is simple observations but I think it is worth knowing. I marked the Bitcoin halving on the chart as well. I will be watching to see the effect it will have on the candles. When in doubt zoom out… But WTFDIK?