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Short

BITCOIN Sell Alert based on this MACD cross signal.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
On today's BTCUSD analysis I stay on the medium term, looking at the 1D chart and what trading signals this pattern can provide.

Since the June 26th market top, Bitcoin as entered into a very structured Channel Down (basically extending into the 1W time frame). This pattern has never broken actively (only marginal break outs whose candles still closed within the Channel), thus providing strong Sell Entries on its Lower Highs and Buy Entries on its Lower Lows.

*The LMACD optimal entry indicator*
The indicator most standing out to me in projecting those entries is the LMACD. Right before it makes a Bearish Crossover (indicated with the red arrow) the convergence of the two lines (red shape) provides the ideal Sell Entry. Similarly right before it makes a Bullish Crossover (green arrow) the convergence of the two lines (green shape) provides the ideal Buy Entry.

*Where are we?*
Right now those lines are again converging into a potential Bearish Crossover, thus issuing a Sell Alert. This is a strong short signal for medium term traders (not long term Hodlers, it is obvious that Bitcoin's long term trend is bullish ), who wish to pursue a sell towards the next 1D Supports (8350 and 7340). Ideally and since we are trading on the upper band of the Channel Down this can be a two-tier trade with $8400 as the 1st target (above the Channel's middle dashed line) with $7500 being the extension if the middle line is crossed.


Do you consider LMACD reliable in issuing Buy/ Sell Signals within this pattern? Let me know in the comments section!

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Hey, Would you share your script for that LMACD Indicator?
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Sell BTC/EUR - 0.15520191 - €7,980.00 - Nov 08, 2019 - 01:36:40 PM UTC

Not the best sell point but I think I'll make some gain, what's your opinion to buy again?

I'm very happy with your prediction, I really need the money to finish my course, thank you very much :)
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Thank you so much for sharing your ideas, it has helped a lot. I have a doubt, the price will go down a little more or should I buy now?
+1 Reply
@blink7z, You are welcome Blink. I believe we are going lower.
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blink7z TradingShot
@TradingShot, thanks is good to hear that. Keep up the excellent work, I'll keep an eye;)
Reply
MACD turned out to be long 10000 coming
+1 Reply
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