- July 26, 2021
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
So Bitcoin rallied aggressively to approach the June High in the aftermath of the Apple adoption rumors and other bullish news. In doing so it hit the 1D MA100 (green trend-line). If the sequence since the May 19 low is indeed an Accumulation Phase then based on the previous two phases of this Bull Cycle, a 1D MA50/ MA100 Bullish Cross is needed to confirm that. If we ignore the highly irregular event of March 2020 (global asset meltdown due to the COVID pandemic), then after every Accumulation Phase parabolic rally starts.
In fact based on the RSI of these past few days, every time the indicator rose that aggressively in such short time-frame, the price failed to advanceany further (at least immediately) and was instead sold back. What has really caught my attention is how similar the current rise is with the rise in the aftermath of Chinese President Xi’s bullish comments on the blockchain technology in October 2019, as illustrated in the chart below:
Are you cautious with Bitcoin’s current rise or not? Feel free to share your work and let me know in the comments section!