Bitcoin Death Cross on 4hr chart - march 8th 2018
Updated
Another MA cross
bearish indicator
if been watching previous charts then this makes sense as we have been shorting bitcoin since it faked out around 11k areas
watching for the retest of previous lows and if so we could be going lower
obvious bounces and maybe one in mid 8000's too, risky buys but can pay off if not too greedy
also se how the price respects the gann fans so use that as a guide and watch for breaking into new areas in near future
peace
bearish indicator
if been watching previous charts then this makes sense as we have been shorting bitcoin since it faked out around 11k areas
watching for the retest of previous lows and if so we could be going lower
obvious bounces and maybe one in mid 8000's too, risky buys but can pay off if not too greedy
also se how the price respects the gann fans so use that as a guide and watch for breaking into new areas in near future
peace
Trade active
invst.ly/6uzouBTCUSD Thursday March 8th 2018: The breakdown begins as the final crosses from the cup and handle bullish reversal pattern we have been tracking since early February marks its final cycle. As previously mentioned a death cross will follow next, continued by the golden cross we await for the next high probability bull run setup.
Stochastics has already gone under the 55 balance and touching oversold rapidly. Potentially price will hang up around the 8900 levels at the bottom of the intraday recovery channel.
Fib extension levels have been marked on both charts. With the 0.618% breakout range marked on the left showing interesting interactions with previous rallies and support prior to the last sell off.
Plenty of news in recent days surrounding Mt.Gox liquidation over thousands of BTCs could possibly answer the question to whom was doing the dump.
The news of the coinbase index listing with a view to ETF is potentially extremely bullish making 401k holders able to add btc to their retirement portfolios.
Note
Note
A sell off continues in Late NY / Early Asian trading causing price action to continue towards yesterdays target range of $8900, with the death cross nearly drawing on the daily chart now we await for golden cross to signal purchase and can continue short in the interim.Trade closed: target reached
we have hit the floor and now bounced with support at $9300time for longs!
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