Bitcoin matve recoverj g on PA but there maybe trouble ahead
I thought I would Update the Fib Extensions to the Bitcoin Index MVRV Z score.
Hate to admit, I had forgotten to look at these recently.
https://www.tradingview.com/x/vCk1EE1i/
And, Simply put, we Are approaching a line of Decision time.
That red line below the 236, is a point, that once crossed, is not that easy to rise above again till after hitting the bottom.
Vertical lines are ATH dates so, it is easy to see, MVRV has got no where near the usual ATH levels and so give hope for a further push higher, should we recover from dipping below the 236.
But as many of you know, that 236 is a Line of tough battles...itis not easy to recover above
We need to watch this very closely.
I am optimistic for a bounce now but we need to pay attention to the bigger picture. Monthly MACD is turning over, yet to cross bearish but the weekly is recovering nicely.
Hate to admit, I had forgotten to look at these recently.
https://www.tradingview.com/x/vCk1EE1i/
And, Simply put, we Are approaching a line of Decision time.
That red line below the 236, is a point, that once crossed, is not that easy to rise above again till after hitting the bottom.
Vertical lines are ATH dates so, it is easy to see, MVRV has got no where near the usual ATH levels and so give hope for a further push higher, should we recover from dipping below the 236.
But as many of you know, that 236 is a Line of tough battles...itis not easy to recover above
We need to watch this very closely.
I am optimistic for a bounce now but we need to pay attention to the bigger picture. Monthly MACD is turning over, yet to cross bearish but the weekly is recovering nicely.
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