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PositiveCrypto @PositiveCrypto
, 5 tweets, 3 min read Read on Twitter
1/ We are due a decent BTC price bounce here. @woonomic NVT Signal has never gone straight from +150 highs down to c.50 capitulation. We have entered an area of support and resistance. Likely to consolidate on NVT Signal before final move down to c.50 in early 2019.
2/ May feel optimistic at this point, but with every single bounce in this bear market price has hit one of these moving averages
-112 MA (blue)
-128 MA (orange)
-195 MA (black)
Possible we rally and hit one of these before they push price back down to capitulation early 2019.
3/ Using @PNFtarget Gaussian Trendlines we can see that this would align with moving back to the lower trendline (green), v.possible given how oversold we’ve been here. @kenoshaking did analysis using Gauss to show where final capitulation could be.
4/ Longer term, Bitcoin Network Momentum has turned up which is signalling we are now entering the Late Bear phase – where price capitulates then plateau’s while daily transactions rise. Eventually transactions reach ‘healthy’ levels and the new bull market cycle starts.
5/ Looking at BTC daily transactions at a more granular level, we have seen a very strong bounce up over the past couple of weeks (orange box). Will have to wait and see how this plays out over coming months, but the faster this goes up, the sooner next bull run will start 😃👍
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