dsgorthy
Short

Bitcoin (BTC) MA Death/Golden Cross Analysis (Part 14) --> 42%

CEXIO:BTCUSD   Bitcoin / U.S. Dollar
Welcome to the short leg of this trade! Below are the stats for this segment:

Segment 8
  • 05/19/2018 - BUY $8,200
  • 05/22/2018 - SELL $8,300
  • TBD - BUY TBD
  • Beginning ($): $14,200
  • Ending ($): $14,200
  • Beginning ( BTC ): 1.71
  • Ending ( BTC ): TBD

We didn't make much of a gain against USD on our long leg, it looks like Bitcoin has been solidly descending over the past couple of weeks. We are seeing a big gap between the MA and the price right now, so expect this short to last for the next couple of days at least!
Comment: The price leveled out today after a decline yesterday. We just saw a small spike forcing the RSI to show overbought, so let's see what tomorrow brings us. Let's use $100 above the MA as a trigger here, since just touching the MA may not be the right signal to trade here. A confirmed breakout above the MA will show that we're seeing some sort of reversal. If the price intersects the MA with the RSI in the middle, I will be trading on that. Stay tuned tomorrow, it looks like we'll be seeing some action then!
Comment: Another look here, we want to see the price follow this upward-facing parabolic curve, or another similar to it. We'll look for the MA to level out.
Comment: We've dropped about $1k since our short position, it looks like we're still a day (or more) out from a reversal in our position!
Comment: Turns out we haven't found the bottom yet! We've got $200-$300 in distance between the MA and the price. RSI is showing oversold, but I don't think we'll be seeing a reversal in the next day!
Trade active: And we're long! We broke our MA at $7,450 last night and will be using $7,200 as a stop for the next few days. I'll be posting a long-tracking position shortly!
Comment: Track our long position here!

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