Two weeks ago, I made an analysis where I discussed the relation between Bitcoin and the 50-week SMA. Here I compared the last two times that the market peaked and that the 50 SMA caused a strong reversal. Please take a look for more info:
As we've seen in the last 10 days, BTC is seeing an incredible bullish trend. In the last two weekly candles we've seen around a 40% growth in a mere two weeks.
The main catalyst for this growth was the B-word conference we saw recently. Interestingly enough, this lined up perfectly with the price hitting the 50-week SMA.
As I mentioned in the last analysis, the average gain from low to high from the 50-week SMA is around 50%, whereafter the price falls down.
A 50% increase from the low would indicate that the reversal should occur around 43k. The 43k area is the same area as the January top, the first time we saw a strong decline in price during this bull-cycle.
I'm still bullish on Bitcoin, as I don't think that 65k is the top. However, there's a large amount of important resistances in our way to get back to the current ATH. It might take a while before we get there.