jacobcanfield

Bitcoin Is Battling For It's Future Between These Two Indicators

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I hate picking sides, especially when two of my favorite friends are fighting...

I've made a lot of money with the 200MA... and made a lot of money with the 200EMA.

I just wish they would get along, but alas...

This is a pretty unique situation for Bitcoin to be in, where the price is now trapped between the 200EMA and the 200MA.

In a very simplistic view, I think this is mostly algorithms trading these ranges and I think that whichever one breaks first with a weekly candle closing will dominate the price trend.

In the history of Bitcoin , price has never closed below the 200MA on the weekly chart.

So if we do move to the downside, we will be making history. Odds and statistics say we don't break it and close below it, but crazier things have happened in crypto.

What indicator do you think will lose the battle?

LEAVE A COMMENT BELOW AND POST YOUR REASONING!

We caught the falling wedge structure...

We timed the pull back and the bounce...

We caught the breakout...

Found a great exit before the last drop...

Will Bitcoin drop from here based on my last analysis?

Stay tuned to find out...!

If you haven't checked out my Risk Management Guide yet, please head over here and check it out. VERY in depth guide on all things risk management.

Thanks for reading! Make sure you follow me and if you like my analysis, like the chart. :)
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Comments

Great work man! I follow you on other social channels and you always give out quality. We're in a long trade right now and are looking for the higher high higher low formation on the daily to carry us up. Keeping your support and resistance in mind as well. Appreciate the update Jacob!
+1 Reply
TheAlphaTrades TradeIndicators
@TradeIndicators, Thanks so much for your work, man. Always appreciate it.

Here's my BTC analysis for today with a potential move heading towards supply zones near $4100 then $4400. Also posting some LTC trades in there:
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Thanks. New to trading. Focus on the many different ideas of experts like you without being caught up on ...... Been monitoring EMA 10 50 100 200. Are there other MAs besides 200 that you consider critical?
+1 Reply
jacobcanfield OptimisticRoach
@OptimisticRoach, I use MA's more so than EMA's myself. I use the standard ones, 10/20/50/100/200 as well as a few specialized ones from a couple quant studies back testing crypto. If you're new, just stick to those and find something that works for you.
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Nice post! It is stuck between the 200 EMA and 200 MA because Bitcoin has entered a monthly consolidation phase. According to some similarities of the RSI and MACD with 2015 however we are still on the best long term buy levels. I am not willing to miss that opportunity.

+1 Reply
Like you said in the history of Bitcoin, price has never closed below the 200MA on the weekly chart. I don't think there is a lot of place to go down now... especially in an ascending triangle which is a bullish pattern and we must not forget BTC halving coming in May 2020. LTC halving is coming before, thanks for sharing.
+1 Reply
jacobcanfield Crypto_Mercy
@Crypto_Mercy, Yeah, LTC could definitely pull the market with it. They also are working on private transactions.
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amazing job, maybe bear will win the final battle.
+1 Reply
We are inside of an abc corrective up within a big ABC on his way to the bottom of the triangle. Meanwhile I’m trying to trade the reverse points.
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Hopefully, those are the first steps above the EMA200!
A perfect bounce from the strong support area, the market structure is bullish and let's see where the bounce lands:

All the best!
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