Healthy Pull Back

Okay so when crypto goes up everyone wants to but and everyone wants to keep this monster flying! The reality is its not healthy and besides if it keeps rising then we lose the chance to buy in at a good price point and build our position. Right now we are below the 50 MA but above the 100 day MA. We are siting right above a support line and not sure if it will hold so I will dollar cost average my trade by picking price points on the RSI which is close to showing over sold. Most of the time when bitcoin goes below 40 or above 80 on the RSI we see a jump or a pull back. I would recommend keeping your eye on RSI, MA and finding areas of support with a fib indicator. Now as to where we go from here no one really knows but I believe to new all time highs especially since the white house has announced that there will be no trade deal with China for a while. With growing debt and potential earnings recession investors are cautious about where they are putting their money. However, I know one good place they can put their money during a recession and gain 4 or 5x gains and of course its crypto!

Of course there are always 3 main things that effect the price of crypto and that's government, fear of economic down turn and hacks on an exchange.

Comment:

So 1 day later we see a pop in BTC? My guess as to why this has happened is because the sp500 has hit its high and there is fear of the following: earning recession, rate cuts and further impacts to companies from the trade war. Also the good news is that crypto was the big talk at the senate banking committee where they grilled FaceBook on their new Libra coin. There are people who are against this and now choosing bitcoin over the privacy issue that have built up over FaceBook for years. People would rather trust and open source bitcoin thats decentralized than FaceBook. The hype is real and it coming in my opinion. If you dont believe me just zoom out and look at BTC when it was at its lowest.