This_Guhy

Bitcoin & Gold Moving Average Pattern Recognition

Short
BITSTAMP:BTCUSD   Bitcoin
I don't have the wherewithal to write a long post (under the weather and so are the kiddoes) and so this is going to be very high level.

  • The top is bitcoin, the bottom gold
  • the SMAs on top are twice the value as the SMAs on bottom
  • Color coded for simplicity.
We can see that bitcoins price action has created an SMA situation almost identical in appearance to gold's SMA from the last bull market peak to the bottom of the bear. I don't expect that it will take six years for us to find our bitcoin bottom as the char below suggest, but I definitely don't plan on going long much over the next year; I plan on shorting the 20 weekly SMA.
I have tunneled down and I have some structure I am looking to use my stops on for some fundamental trades because there is still a chance we can wick to the upside and I ain't about that life. I am not a financial advisor but I do know you can be wrong on TA and not lose any money because the market didn't take your order in. I basically want to short a break of the 50 week SMA all the way down to the 200w SMA. From there I'll look for a pinch as the price action squeezes between the 200 as support and the 20 or 50 as resistance. I cannot expect an EXACT replay.

And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?

~Nathan Explosion
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