Short

Bitcoin (BTC) MA Death/Golden Cross Analysis (Part 3) ---> +6.5%

Updated

Look out below! Welcome to Part 4 of my wave tracking analysis as I track BTC. We've locked in a loss against USD in this trade, as the strategy did not trade well on this intersect. However, it is looking like we'll profit against BTC -- I'm long BTC, so I'm happy about this!

Segment 2

03/11/2018 - BUY $9,750
03/14/2018 - SELL $9,100
TBD - BUY TBD
Beginning ($): $11,400
Ending ($): $10,650
Beginning (BTC): 1.17
Ending (BTC): TBD

All of our trades won't win. But, it will win in the long-term.

What I'm seeing right now -- RSI is showing oversold, we may see the price rebound a bit. We do see a $900 separation between our long-term MA and the price, so we'll likely be short for a couple of days or longer! Stay tuned for updates!

Note

We've got a nice spike in price here, but we do still see $800 in separation between the MA and the price. We're seeing a steep drop in the MA as well! Let's see where BTC is headed tomorrow, I don't think that this fall is over yet.

Note

Quick update for the day, it's looking like we'll continue to see a drop in price to me and we have healthy distance between our MA and the price.

Note

A lot has happened since the last post two days ago. We fell pretty hard here, and are about $700 under our MA right now. It's a pretty steep decline with the upper bound noted, it's looking like the buy-in will be under 8k, so awesome news there!

Trade active

We saw a big breakout earlier today when we broke out of the descent line. The MA has leveled out here because of the breakout, and I'm seeing the RSI settle back down. I have bought in at 8.3k with a hard stop-loss at 8.1k. If we do see upward movement, I'll be posting another article tracking the long position. I am skeptical because I am seeing a H&S pattern developing here, meaning that we could be targeting right around 7k. I'll be avoiding that loss if it does come, but I am optimistic about the breakout that we saw.

Note

Just an educational update. The below screenshot shows a very positive signal in my eyes. Notice how the price actually went up as the RSI came from overbought to back within the normal channel. This shows that the breakout is normalizing and is now prepared for further upward movement. This doesn't mean that we're safe yet, but I'm feeling better about my long position.

Note

I'll be closing out this and starting up another thread tracking the long position. The MA has crossed the buy-in, meaning that we've locked in profit.

Note

Bitcoin (BTC) MA Death/Golden Cross Analysis (Part 5) ---> +6.5%

dsgorthy

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