Bitcoin (BTC) MA Death/Golden Cross Analysis (Part 6) --> +11.1%
Updated
We crossed the MA a couple of days ago and I sold at 8.7k. I'm publishing this new thread to track my short position. Check out my previous posts to tracking this strategy thus far, we've secured a decent amount of profit in a volatile market.
Segment 3
We didn't lock in too much profit vs. USD on this segment, but we're already guaranteed to profit in terms of BTC as well. Just a couple of hours ago, we saw a huge jump in price. There's only $300 of separation between the MA and the price right now, but the RSI is showing overbought. I'm hoping for a reversal so that we're not buying and selling right around the same price point. However, we'll continue to follow the strategy regardless of movement. Again, no one trade will win, but we will win in the long-term.
I'll be posting again when we're looking at a buy signal if it comes today, otherwise I'll get an update out. PM me with any questions that you might have, we're all here to make a profit and improve our trading strategies.
Segment 3
- 03/18/2018 - BUY $8,300
- 03/22/2018 - SELL $8,700
- TBD - BUY TBD
- Beginning ($): $10,650
- Ending ($): $11,100
- Beginning (BTC): 1.28
- Ending (BTC): TBD
We didn't lock in too much profit vs. USD on this segment, but we're already guaranteed to profit in terms of BTC as well. Just a couple of hours ago, we saw a huge jump in price. There's only $300 of separation between the MA and the price right now, but the RSI is showing overbought. I'm hoping for a reversal so that we're not buying and selling right around the same price point. However, we'll continue to follow the strategy regardless of movement. Again, no one trade will win, but we will win in the long-term.
I'll be posting again when we're looking at a buy signal if it comes today, otherwise I'll get an update out. PM me with any questions that you might have, we're all here to make a profit and improve our trading strategies.
Note
Just as suddenly as it jumped, it's fallen back down. We are showing oversold, but we've fallen quite a bit, we'll intersect at least a couple hundred less than where the MA is now. Note
We're looking at about $400 between the MA and the price here, a decent drop from yesterday.Note
We were relatively flat today, but the RSI has moved up more. That doesn't tell us much other than the fact that a day flat means we're much closer to the MA. Unless we see an aggressive drop, I'm expecting a buy in the next day or two!Note
Slight drop with flat RSI, these are the signs that I look for when shorting!Note
Using the same analysis as yesterday, check out how the price dropped while the RSI normalized. Awesome movement for those of us short right now, we're looking at about $400 of separation between the price and the RSI!Note
Our descent here has slowed since yesterday, I'm anticipating an intersection at $7.2-7.3k unless we see another steep drop. BTC has taken a beating over since our sell nearly a week ago. That means we buy back in at a discount, locking in profit against BTC and giving us a larger bag when it bounces back up. Stay tuned in tomorrow, that will be a telling day if we stay flat/go positive.Note
I'm seeing a lot of charters saying that BTC will take a bounce around 6.4k, I'm seeing a lot of movement in that direction. The MA is going down pretty steep, so I'm expecting the price to level out a bit before it reverses. Until then, let's see that MA fall below 7k so that we get a bunch for BTC!Note
We saw a slight jump yesterday but we're still falling pretty hard on our MA. I'm still looking for the price to level out some more before we bounce back. We're below 7k, let's hope we can buy in below the current level! I'll be checking back in later tonight because it's looking like we may be going long here shortly!Note
Trade active
And we broke the MA! The MA is not yet leveled out, so I'm not seeing this as a strong buy. But, we follow the strategy and it will pay off! So, I'm posting it now so it doesn't look like I'm calling it after it happened!I'm in at 7.15k, with a hard stop-loss at 6.9k. If we surpass 7.4k, this will confirm the long position and I'll be posting a follow-up on it. I'm seeing a huge sell wall in the upper $7,500s and a large buy wall around the $6,500s.
The size of the sell wall is around 700 BTC, which is much, much larger than the buys. We'll need to watch the long position until we see the reversal confirmed because there is a lot of posting about support around 6k. That's a better buy-in than here, but we may see an upward wave before we go down to those levels. If you are long on this strategy, keep a close eye on the price in the next few days!
Note
I'll be tracking the long position in the post below.
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