After a strong few weeks we have found the 8500 level impassable and the selling pressure has pushed us back down in a corrective move, the question we need to be asking is this a healthy correction or are we heading back down to retest the recent breakout. If we break below this level I will be switching my long term bias to , as it will signal the latest breakout was just another fakeout rally.
Current state of affairs is posted on the chart, if you use a simple crossover strategy the 5/10 has signalled a short but we are still long if you follow the 10/25, Backtesting on the daily for both these over the last 18months on xbtusd has proved quite profitable, especially with the 5/10ma strategy.
Thanks for dropping by, hopefully you garner something valuable from my post, be it educational or an idea towards a trade of your own. Please share, like and comment and engage with me, I am here to help.
Trader, Chart analyst and all round larrikin. Reside in NQ Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.