Bitcoin - Running downhill with chances of a meltdown
Resistance has now become support. If we stay above the trendline we will eventually hit a very enticing buy point at around November 13th.
So what is the chart telling us right now? Well, we did pierce the 200MA which is a sign of weakness in this type of market, but we are still within what we can call a healthy retracement. When do we stop being part of a healthy retracement? If we go below $8300, it will be hard to recover at that point.
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This is part of the hard life of a short term trader; $8300.00 is a great entry point but it will also be below support and under the influence of a death cross. It comes with almost a 50/50 chance of going up or down which is a bad bet to take. The best thing to do is long term trading, why? Because you don't have to worry about this kinds of things, just wait till it gets very low and buy-in, hold for several months and sell. If you followed my NEO call you should have doubled your money in just a few weeks. I said to buy it at $6 and it hit $13 a few days back.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines 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
So what is the chart telling us right now? Well, we did pierce the 200MA which is a sign of weakness in this type of market, but we are still within what we can call a healthy retracement. When do we stop being part of a healthy retracement? If we go below $8300, it will be hard to recover at that point.
Learn Technical Analysis in realtime, please hit like, follow me and leave a comment.
This is part of the hard life of a short term trader; $8300.00 is a great entry point but it will also be below support and under the influence of a death cross. It comes with almost a 50/50 chance of going up or down which is a bad bet to take. The best thing to do is long term trading, why? Because you don't have to worry about this kinds of things, just wait till it gets very low and buy-in, hold for several months and sell. If you followed my NEO call you should have doubled your money in just a few weeks. I said to buy it at $6 and it hit $13 a few days back.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines 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
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