The Magic Lines say Bitcoin bottomed and is ready to begin its journey skywardsteemCreated with Sketch.

in GEMS4 years ago

Bitcoin bottomed just like we would have expected it to...

When bitcoin sold off all the way down to $3,800 several weeks ago, it found support at an interesting spot.

Right at the 200 week moving average.

That is an interesting spot because that is a place that bitcoin's price has tended to find support at in the past...

Don't believe me?

Check this out:

(Source: https://twitter.com/Checkmatey/status/1247786793644118017)

Looking at the past several years, we should probably change the name of the 200 week moving average (as it relates to bitcoin) to something like the "bitcoin bottom catcher".

A little weird sounding, but who knows, maybe it will catch on.

"Hey John did you buy bitcoin the other day off of the bitcoin bottom catcher?"

Ok, so maybe it won't...

That chart looks like it only needs a couple more months before it's ready to rock

Looking at the above chart it looks like bitcoin needs just a couple more months to work through some things.

But, once it has worked through some things, I would not be surprised to see bitcoin above every single one of those magic lines.

The last time that happened was 2017 and we all know what happened from there.

It all seems to be lining up...

If we fast forward a couple months, we will be on the other side of the halving and we will hopefully be on the other side of an economic recovery underway globally.

The pandemic will mostly be in the rear-view mirror and stimulus money will still be sloshing around looking for a home.

We literally have the perfect setup for bitcoin and hopefully altcoins to moon.

If it doesn't happen in the second half of this year, then when? That's my question...

Stay informed my friends.

-Doc

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The stars are aligning...

We are on track to having a record-breaking summer rally.

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