Bitcoin has behaved very well any time it is above it's 200 day moving average.
In fact, it has an 80% win rate versus only a 36% win rate when prices are below the 200 day moving average.
That means that 80% of the days close green.
More about that can be seen here:
However, you don't even need to dive into the statistics to see how nicely it behaves...
Just look at the chart.
Here we have a chart of bitcoin over the past several years:
(Source: ~~~ embed:1114426695598190592) twitter metadata:a2Vub3NoYWtpbmd8fGh0dHBzOi8vdHdpdHRlci5jb20va2Vub3NoYWtpbmcvc3RhdHVzLzExMTQ0MjY2OTU1OTgxOTA1OTIpfA== ~~~
Pay special attention to when bitcoin's price is above the 200 day moving average.
It happened back in early 2012 and prices stayed above it till early 2014. Then it happened again in early 2015 and prices stayed above it till late 2017.
In both cases prices trended up for over 2 years.
If history were to repeat right now as bitcoin is sitting above its 200 MA for the first time in over a year, we are looking good from now over the course of the next 2-3 years.
Not sure about you, but that sounds pretty good to me!
Stay informed my friends.
-Doc
👍💰👍
Does this mean you approve of the 200 day moving average analysis?
@jrcornel did you watch this new video about the 4 years Bitcoin cycle? Can recommend it.
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I hadn't seen this one, but I have seen these charts yes. If this plays out again, we would see new highs by end of 2020 and all time highs end of 2021. I sure hope it works out like that!
Same for me...
And we can wait for this now ....
Hopefully history repeats!
Yes hopefully... Imagine if it happen then 🤔
If it does, bitcoin is going a lot higher.
It will take time for this recent move to consolidate first. I prefer a healthy trend higher longer term.
Posted using Partiko iOS
If you look at the chart, it looks like when prices first break through it, they pull back or hug it for a bit. I expect the same to happen here. Should be very good 2-3 years from here though.
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Cool. Thanks.