Greetings and salutations and welcome to another Bitcoin Babaji podcast, where Babaji does TA of the Bitcoin price chart. We are approaching the imminent new All Time High and blow-off top for this four year cycle.
Is price about to peak?
Based on previous four year halving cycles of Bitcoin, we can expect a top in price around the Q4 or in the next 30-60 days. Now is the time to prepare to take profit for this cycle as a trader. After this peak the price will return to its bear cycle and break to the downside for the next two years. Unless you think insitutional investment this time around will lengthen the bull market and stabilize price action.
Using Moving Averages and the secret of the 300 daily EMA
Today Babaji reveals his TA secret which is the use of Moving Averages, the exponential or EMA averages on the daily chart. We may be used to using the 13, and the 21 (Fibonnachi numbers), followed by the 55, the 100 and 200 EMAs. However, Babaji's latest discovery is that actually the 300 EMA on the daily chart is a clearer indicator of the long term bull market support. Price tends to respect the 300 day EMA, which you can see in purple on the chart. This is the line in the sand which determines whether the bull market is still in play or not.
Since early 2023, when price bottomed out and began its uptrend for this cycle, we can see that the 300 EMA acted as resistence and then became support once broken. It has acted as support throughout the past almost three years and shows us the boundary between long term bull and bear markets.
Once you see price close for a few days below the 300 EMA (purple line) which is currently around $100 000, then we can conclude that the bull market is over and the downtrend is back for the next two or more years. So keep an eye on that 300 day EMA if you wish to ride the last leg up of this bull market cycle. We only have a month or two left according to past cycles, so will this time be different, or not? You decide.
▶️ 3Speak