BTCUSD: An attempt to steer the ship away from the Death Cross
Ok, it's looking like the bulls want to run for a moment. As tempting as gaining another 11% return might be, I'm going to sit this rally out. The chart shows how I think it'll play out. The reason I think this'll be a short-lived rally is because of 2 key moving averages, the 50 and the 200. All eyes are on those, because the crossing of the 50 down below the 200 moving average has a very ominous name: The Death Cross. If it happens, a lot of people will see that as a reversal trend from Bullish territory, to Bearish control. At the moment, I think the bulls are trying to prevent the 50 from crossing by stepping in with some massive volume to steer the ship upward. I personally think a lot of people will be stepping in and taking their profits at the 43-45k mark, which would make the death cross seem kind of inevitable, and a big sell off would occur.
I personally don't care for a 10% gain if the downside is potentially 18% (or more) if a limit order I place doesn't get filled. Be careful out there! This market eats emotional traders alive.
I personally don't care for a 10% gain if the downside is potentially 18% (or more) if a limit order I place doesn't get filled. Be careful out there! This market eats emotional traders alive.
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