Bitcoin - If this happens, that will happen...
Updated
BTC finds itself under an ultimatum, action has to be taken soon or it will be forced into making a choice. As things stand right now price is being squeezed between the 50MA and the green trend line. What action does BTC need to take? Bitcoin is showing a lot of weakness but keep in mind that in trading what you see is what the manipulators want you to see, the truth is often a couple of curtains behind. Price has been pushed down for a few days but it is throwing signals that it may jump up, however, these signals are growing weaker. The fact remains that the green trend line has Bitcoin's back, no matter how hard it has come down for the last 10 days, price holds above it. At this point, I would sit tight and wait to see if the green line is going to hold. What should we wait for? To see if the price goes over the 50MA, if it does then we may take a shot at going to the 200MA. Why wait? The odds are growing that the 50MA will take BTC under the green trend line, and any trade you make may turn on you.
On the 12H BTC has stayed hopelessly under the 50MA.
On the 4H it has stayed under the 200MA. For quick reference keep an eye on this chart to see if BTC can close 3 candles above the white line. If it manages to do so then BTC may stay above the green trend line and it may even go over the 50MA on the 1D.
Let me do a quick update on the Death Cross. As I mentioned weeks before it happened this is not going to be a quick event, and right now the 50MA in beginning to point down, it then has to point horizontal and then it has to point upwards before it crosses the 200MA again and the good times come back. Right now, what we are talking about is a quick move up to the 200MA which is typical of BTC during a death cross, it then falls quickly lower possibly to hit the 200MA on the weekly chart. For long term position traders, we COULD offload at that point and wait for confirmation and then re-buy. When is this event going to happen? We don't know but we do know it will happen.
BTC has a date with the 200MA that is yet to happen.
If I was doing a swing trade I would buy after BTC conquers the 50MA, and ride it until we hit the 200MA at which point you have to sell. This trade has ok odds If you feel lucky that's what you may want to do but with great caution.
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NOW, THE LEGEND;
Support trend lines are green
Resistance trend lines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down but finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
On the 12H BTC has stayed hopelessly under the 50MA.
On the 4H it has stayed under the 200MA. For quick reference keep an eye on this chart to see if BTC can close 3 candles above the white line. If it manages to do so then BTC may stay above the green trend line and it may even go over the 50MA on the 1D.
Let me do a quick update on the Death Cross. As I mentioned weeks before it happened this is not going to be a quick event, and right now the 50MA in beginning to point down, it then has to point horizontal and then it has to point upwards before it crosses the 200MA again and the good times come back. Right now, what we are talking about is a quick move up to the 200MA which is typical of BTC during a death cross, it then falls quickly lower possibly to hit the 200MA on the weekly chart. For long term position traders, we COULD offload at that point and wait for confirmation and then re-buy. When is this event going to happen? We don't know but we do know it will happen.
BTC has a date with the 200MA that is yet to happen.
If I was doing a swing trade I would buy after BTC conquers the 50MA, and ride it until we hit the 200MA at which point you have to sell. This trade has ok odds If you feel lucky that's what you may want to do but with great caution.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of paying me for my time.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
NOW, THE LEGEND;
Support trend lines are green
Resistance trend lines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down but finding stability
THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
Note
BTC is making an effort but can't seem to close above the 200MA on the 4 hour chart.
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