The 20 W MAV has been a useful tool to assess the progression of Bitcoin against the USD , and allow a reference for short and long positions.
Since April 2019 , price bias has been to the long side.
The week of 24th June 2019 revealed a strong rejection to the upside and price has since been in consolidation , which seems to be a descending triangle , and is reflected in the waning momentum.
However, the 20 MAV has not been breached and continues to support price. As such, as time passes , just maybe it won't.
This lends a strong argument , for a spike in momentum ( which is still in the bullish zone) , for price to head back to the highs of Dec 2017.
However , any break of the 20 MAV with reject retest , then start looking towards the major fibs retracement, if not 3200.
Either way, keep an eye on the 20 MAV as a reliable guide....
Since April 2019 , price bias has been to the long side.
The week of 24th June 2019 revealed a strong rejection to the upside and price has since been in consolidation , which seems to be a descending triangle , and is reflected in the waning momentum.
However, the 20 MAV has not been breached and continues to support price. As such, as time passes , just maybe it won't.
This lends a strong argument , for a spike in momentum ( which is still in the bullish zone) , for price to head back to the highs of Dec 2017.
However , any break of the 20 MAV with reject retest , then start looking towards the major fibs retracement, if not 3200.
Either way, keep an eye on the 20 MAV as a reliable guide....
