A closely followed crypto trader is unveiling what he believes is the most realistic price path for Bitcoin (BTC) for the rest of the year.
“When the price of an asset is on an uptrend and then it catches up with the long-term moving averages, usually that’s a sign that the trend is dying down. The momentum is lost. If you cross below them, that is a bearish signal.”
The cryptocurrency analyst highlights that the 20-month EMA was a reliable indicator of major trend shifts during the 2014 and 2018 BTC market cycles.
“That happened over here in 2014. If we go over here in 2018, [we had] a major run-up. Trend starts to go sideways after the run-up, and then we meet the long-term moving averages. We closed below that. It’s a bear market.”
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