BTCUSD is going deep into the Monthly Moving Average Ribbon
There are several popular moving average ribbons and you can use whichever you like. I am using the Madrid because I like how much it has fanned out and gives a broader look at what could happen. The EMA ribbon is on the monthly chart and I have the 50w SMA (purple) and the 200w SMA (blue) programmed to show on the monthly chart.
Trendlines and moving averages that were previous support can turn into resistance, and resistance can turn into support, somewhat dramatically. That muavey looking color was support for many moons until it broke down dramatically, and then acted as resistance in a very assertive way.
BTCUSD is currently grinding along the orange resistance line and I believe that will break down and it turn into resistance. This orange trendline is the most up for likelihood of being redrawn because it has the shortest history and whe have not seen it fail let., which should give us lots of good data as it turns into resistance.
The black line I strongly suspect will become support again, probably somewhere in the general vicinity of the black question marks. The first black hammer represents a price apocalypse scenario. If bitcoin can have a month like November 2013 for bullish exhaustion it can have a similar month for bearish exhaustion. The second black question mark represents a second scenario, but where bitcoin experiences more of a slow burn off.
Moving average wise I think the 50w in purple is causing the price action to die around the purple hammer.
I expect the price action to take major dip at the blue hammer, around next July or August.
The green hammer is if the price action slips the Moving Average ribbon and after cliff-hanging off the moving average, dies at resistance.
Depending on your exchange margin rules you could go short at an inopportune time and get taken for a ride that gets you liquidated. You could get timed out depending on your exchange rules on how long you can keep a contract order. Always make sure you have a technical entry, especially one that makes sense on one of these longer time frames. My linked post isn't academic, I took my margin to the limit on this high conviction trade and I know that the price action can still wick through the 50w if I am correct and be a gains killer with a tight stop. I am not a financial adviser and I am not your financial adviser. All this stuff is Investopedia basic stuff here.
Trendlines and moving averages that were previous support can turn into resistance, and resistance can turn into support, somewhat dramatically. That muavey looking color was support for many moons until it broke down dramatically, and then acted as resistance in a very assertive way.
BTCUSD is currently grinding along the orange resistance line and I believe that will break down and it turn into resistance. This orange trendline is the most up for likelihood of being redrawn because it has the shortest history and whe have not seen it fail let., which should give us lots of good data as it turns into resistance.
The black line I strongly suspect will become support again, probably somewhere in the general vicinity of the black question marks. The first black hammer represents a price apocalypse scenario. If bitcoin can have a month like November 2013 for bullish exhaustion it can have a similar month for bearish exhaustion. The second black question mark represents a second scenario, but where bitcoin experiences more of a slow burn off.
Moving average wise I think the 50w in purple is causing the price action to die around the purple hammer.
I expect the price action to take major dip at the blue hammer, around next July or August.
The green hammer is if the price action slips the Moving Average ribbon and after cliff-hanging off the moving average, dies at resistance.
Depending on your exchange margin rules you could go short at an inopportune time and get taken for a ride that gets you liquidated. You could get timed out depending on your exchange rules on how long you can keep a contract order. Always make sure you have a technical entry, especially one that makes sense on one of these longer time frames. My linked post isn't academic, I took my margin to the limit on this high conviction trade and I know that the price action can still wick through the 50w if I am correct and be a gains killer with a tight stop. I am not a financial adviser and I am not your financial adviser. All this stuff is Investopedia basic stuff here.
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
~Nathan Explosion
