ecicic
Short

Tick Tok Awaiting death cross

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Previously we placed a small long, when the market tried to get a last push before the infamous death cross. We ended up getting a sell signal and closing our trade in a small loss 4%. This is okay as not every trade can be a winner. Sometimes there are trades you have to take as an trader that are not the most comfortable or miss out on the big moves. The key is to manage risk and position size. Since the trade was closed we have received several bearish signals. And while the market has held on, it seems to be prepping for a bigger drop .

There are several moving averages directly above us on the 1hr and 4hr time frames, as well as the daily. But perhaps the most significant resistance overhead is the daily 50 and 200 SMA which are very close. They are about to produce the famous Death Cross. What price effect will this have on BTC? I think the likely hood that we reverse and blast thru all the resistances overhead within the next few days are very unlikely. The more likely scenario is that the price falls to the purple 300 day moving average level, and perhaps even breaks through it.

With continuous lower highs, within this downtrend i think the far more likely outcome is continued downside and that the Death Cross is not a dud. However trading is all about probabilities and risk, we will wait to see how the market will react and asses there.
This is not a trade

Mar 29
Comment:
300 Day SMA is breaking down
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