- Miles Deutscher explores whether 2024 marks a cycle top in crypto and questions if recent lows signal a bottom.
- Bitcoin is currently below the 200-day moving average, suggesting potential resistance and a bearish outlook.
- Deutscher emphasises research and strategic patience as essential for navigating the volatile crypto market.
Has the cycle top for crypto arrived in 2024, and have we bottomed out with the recent slump in Bitcoin and others?
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That’s the question crypto analyst Miles Deutscher has for his 184K subscribers in his latest YouTube video – certainly a question many will have also had on their minds.
Deutscher’s Take: BTC Sits Below The 200 Moving Average
The moving average, one of the most commonly used technical indicators by traders, generally signals bearish trends when Bitcoin sits below the 200-day level on a daily chart.
Bitcoin is now sitting below the 200-day moving average – despite a pretty nice impulse today. This is obviously a significant support level now turning into resistance for Bitcoin.
Miles Deutscher If BTC attempts to rise, the 200-day moving average can act as a resistance level. This means the price might struggle to rise above this average as sellers could come in at that point, expecting the downtrend to continue.
Deutscher says while these choppy markets aren’t necessarily easy to navigate, they offer opportunities when you pay close attention.
Research, Research, Research and Tweaking Positions is Key
Deutscher says to ensure you get the most out of the current situation – which is the largest correction since 2022, when the bull cycle technically started – you need to do your homework.
This involves understanding overall market conditions, such as economic indicators, market trends, and geopolitical events that might influence the markets.
Additionally, it’s a good idea to thoroughly study the assets you are interested in and try to learn about technical and sentiment analysis. A great way to start is by checking out our guide on how to leverage fundamental and technical analysis as well as manage risk before you buy crypto.
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Deutscher suggests maintaining a strategic focus and patience when investing in crypto is key, especially considering significant long-term opportunities.
Don’t let short term noise shake you out of one of the most obvious long-term setups in crypto history.
Miles Deutscher It’s important to stay committed to a long-term investment thesis despite the ‘noise’ or short-term market fluctuations that might tempt investors into making impulsive decisions.
Source:
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