Depicted is the long term uptrend since 2013 on a logarithmic scale.
The chart shows, that during the last bull market 2016/2017 a retest of the 21 week EMA occurred 95 per cent of the time after the stochastic RSI run in the overbought area. It would therefore not be unreasonable to assume that sooner or later the Bitcoin price will retest the 21 week EMA.
Secondly we can see an important upward trending support line (yellow) which sits right above the 21 week EMA. This support line has been confirmed several times over the past few years.
For the long term bull market a slightly larger correction would be very healthy and necessary. Important is, that we have a weekly close above the 21 week EMA. As long as this last point is fulfilled the bull market is most likely to continue.
The chart shows, that during the last bull market 2016/2017 a retest of the 21 week EMA occurred 95 per cent of the time after the stochastic RSI run in the overbought area. It would therefore not be unreasonable to assume that sooner or later the Bitcoin price will retest the 21 week EMA.
Secondly we can see an important upward trending support line (yellow) which sits right above the 21 week EMA. This support line has been confirmed several times over the past few years.
For the long term bull market a slightly larger correction would be very healthy and necessary. Important is, that we have a weekly close above the 21 week EMA. As long as this last point is fulfilled the bull market is most likely to continue.
