This is a simple comparison pointing out the obvious. Bitcoin is close to making a Golden Cross (MA50 crossing over the MA200) on the 3D time-frame, which is generally regarded as a very bullish signal, especially on the long term.
In 2016 the very same formation (Golden Cross) resulted in to the start of a new aggressive bullish wave within the Bull Cycle of the period. Interesting fact here, that the price touched the MA200, consolidated for several months and then initiated the new aggressive buy leg.
If a similar pattern is followed this time as well, then it will largely justify the short term bearish scenarios below:
No, I don't think so. The move you're looking for happened back in April/May 2019. This is just an obvious meme that noobs get wrecked on. There is a calculation done where it can be determined it's highly likely that a golden cross will occur on any time frame, that's when the move happens.
Think about it, you're large market maker with millions of $. Do you seriously think they're buying when the lines cross? Or do you think they're buying when based on the trajectory of the 50ma, and the fact the 200ma isn't moving,that it is highly probable they will cross. They were buying back in april/may/june.
@teckno05, You are ignoring that the downside of a death cross is not a few percent of price difference, its a massive price difference, it would cut the price to less than half of 13800
teckno05
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@WaveBreaker,The chart I just posted is my forecast for the next move. I think there will be a bounce in the mid 8' to the low 9's, and a bounce at the mid 7's to who knows where. Forecasting past 1-2 moves is hubris imo. I think It's very possible we see your target of "less than half of 13.8k" down in the mid 6k range, especially because of the time spent there building a volume node, and to hold and bounce hard from mid 6k range would tell bulls "3k never again, 6k is the new 3k, and we're going past 14k.
TradingShot
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@teckno05, Every opinion is useful for me. In particular if it is opposite to mine.
teckno05
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@TradingShot, I appreciate the respectful response. But go and try to backtest what I said on the 4hr, 1D, 3D, 1W timeframe. The "move" people look for happens the second the 50ma looks almost inevitable to cross the 200ma
Think about it, you're large market maker with millions of $. Do you seriously think they're buying when the lines cross? Or do you think they're buying when based on the trajectory of the 50ma, and the fact the 200ma isn't moving,that it is highly probable they will cross. They were buying back in april/may/june.