BTC Death Cross Confirmed?
Updated
Hello Everyone,
Since this is the first post for me, i'd like to to briefly introduce myself and my background.
I'm no pro trader by any means, I've been in the crypto market since around Q2 2017, and I can say i fairly learned the hard way trying to time the market, and what i came to learn and abide by for almost a year now is that you cannot time the best dip or the ATH - at least for a non-pro - but you can most of the time catch the wave up, and sit on the side on the wave down.
My posts are for sharing ideas, and this post particularly and most probably the following ones will be based on long-term swing trading trying to catch the market movement, and no where near maximizing profit or timing the lowest entry points.
So cutting to the chase, i've been following the recent changes in the market particularly driven by BTC movement and Alts following. I've noticed that we have been approaching a Death Cross (50 EMA crossing below 200 EMA) again shortly after confirming a Golden Cross, which may trigger a mid-term bearish trend.
Personally I will sit out until I see at least a 50 EMA moving upwards and see where this dip could settle at.
Disclosure: Please refrain from using my idea as a cornerstone for your financial decisions, always read, read, learn, and then read some more.
Since this is the first post for me, i'd like to to briefly introduce myself and my background.
I'm no pro trader by any means, I've been in the crypto market since around Q2 2017, and I can say i fairly learned the hard way trying to time the market, and what i came to learn and abide by for almost a year now is that you cannot time the best dip or the ATH - at least for a non-pro - but you can most of the time catch the wave up, and sit on the side on the wave down.
My posts are for sharing ideas, and this post particularly and most probably the following ones will be based on long-term swing trading trying to catch the market movement, and no where near maximizing profit or timing the lowest entry points.
So cutting to the chase, i've been following the recent changes in the market particularly driven by BTC movement and Alts following. I've noticed that we have been approaching a Death Cross (50 EMA crossing below 200 EMA) again shortly after confirming a Golden Cross, which may trigger a mid-term bearish trend.
Personally I will sit out until I see at least a 50 EMA moving upwards and see where this dip could settle at.
Disclosure: Please refrain from using my idea as a cornerstone for your financial decisions, always read, read, learn, and then read some more.
Note
Seems first attempt to create a reverse trend has failed.H4 2nd price candle closed on a negative and failed to continue the uptrend, and 3rd not looking strong either in the 1st hour, and may even turn red.
50 EMA is turning away from the uptrend it was going after and seems shying away from breaking the 200 EMA
Are we going to see the bulls pushing through, or the bears pulling us down?
eating popcorn and observing.. stay tuned.
Note
H4,H2,H1 candles found support at 200 EMAM30,M15 struggling to break the 50 EMA
50 EMA approaching 200 EMA and soon we will see some action
Will the bulls find the fuel to break-through or will it bounce back to a low? Next 8-12 hours will say a lot
Note
Crossover attempt failing, waiting to see the low this wave will reach which I predict to be between 9700 to 9900 before the bulls can gather again, If you are still waiting for a miracle, don't. at this point best exit point won't be higher than 10400.
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