hockeyfan1974
Short

Failure to breach the 200 EMA will lead to dramatic crash

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
If we cannot close a daily candle above the 200 EMA or the equally reactive 200 SMA , we will have a dramatic crash back to the long term trend line from July and September.

These are critical levels of support now acting as resistance as you can see from the perfect wick off the 200 EMA . As I have indicated in my previous analysis, the last time we double breached the 200 SMA was in spring 2014. A confirmation of the 200 moving averages as resistance would be massively bearish . If we can close a candle above, I would be open to a bullish outlook, however we would need to see significant volume on a breakout above to become truly bullish in this massively bearish current market.
Apr 04
Comment: Looooks like I was RIGHT
respect for this call man.
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Agree completely. This was a good call. Thanks for the TA. Hope to see more from you.
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aikitran TradeIndicators
@TradeIndicators, didn't the daily candle already closed a few minutes ago?
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@aikitran, looks like we have, about $8906
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aikitran TradeIndicators
@TradeIndicators, Thanks! so it didn't make it? i thought it was supposed to be around 9200?
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@aikitran, never got that high lol
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aikitran TradeIndicators
@TradeIndicators, any indication on a retrace? and what's some possibilities?
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@aikitran, I think $8595 is a healthy retrace using the theory that past resistance becomes new support. BTC is still fighting to stay in this uptrend so we'll have to see if it holds.
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