Tone_LLT
Short

Bitcoin Hitting Resistance at 50-day SMA

BITSTAMP:BTCUSD   Bitcoin / Dollar
654 18 6
A nice price reversal from $315 is running into some resistance at $375 where it meets the 50-day SMA . The last time this happened was early October where the price fell almost 20% soon after. The fall this time should be smaller but for a nice Risk/Reward short play look for a pull back back to the $340-350 area with a stop loss set around today's high of day (so just under $380).

If we can break this moving average it would be a great sign but it might be too much ask after such a run up with only one down day. The momentum indicators at the bottom do look good so something to definitely keep an eye on

See full analysis in today CoinTelegraph article:
http://cointelegraph.com/news/112892/bitcoin-analysis-week-of-nov-9-intro-to-fibonacci

Good luck traders
grahvity
2 years ago
Watch $350.
Reply
Maddie
2 years ago
and it also failed ....
+3 Reply
ChartArt
2 years ago
China. Pumping! They don't care about 50-day SMA resistance. The new leg up also ruined my own bear-biased chart analysis:
Full-on bull vs bear battle
I'm going to post a new bullish one today.
Reply
ChartArt ChartArt
2 years ago
Our mistake was to ignore all the still bullish indicators. Look at your chart as example. The MACD was still bullish. And the Stochastic was pointing up in a nice positive momentum and the RSI was with a value of 54 clearly already in the bull area. My layered pivot point thinking made it too complex instead of looking what the market's easy solution for the next move was. A new lesson learned.
+1 Reply
MoonTrader ChartArt
2 years ago
So, in other words, you kept looking for bullishness everywhere else, when all you needed was inside your heart all along. Heartwarming stuff.... :D
Reply
Tone_LLT ChartArt
2 years ago
Agreed, but clearly this move is all trader driven, not much has changed fundamental... i do not like to chase, probably will on the pull back but have been looking for one since $350... BTC definitely does not trade like a traditional 'anything', all we can do is our best attempts on what we have learned in the past.
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IncreaseMyT Tone_LLT
2 years ago
BTC has not looked this strong in a really long time
Reply
Tone_LLT IncreaseMyT
2 years ago
I would rank the rally in early October (even after the BearWhale so from 300 to 420 was a little stronger).

I don't like to chase any price up or down, so really looking for that pull back. Will go bullish across most time frames once we take out the 420 high
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IncreaseMyT Tone_LLT
2 years ago
Just look at the 1d chart, when is the last time we had one of those that big? This will not stop til 550, then small pullback, then 1k by black friday. This rise is much stronger and more crisp than the bearwhale slaying.
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IncreaseMyT IncreaseMyT
2 years ago
*last time we had marubozu that big
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Tone_LLT IncreaseMyT
2 years ago
yes it is a monster day, but the day is not yet over, if it closes at 550 today then takes a break and falls to 450 i will be picking up more than. the current environment is all trader driven, they can sell just as fast as they buy. if it's a major trend change there will be plenty of opportunities. I'm just staying patient... the volume on Bitstamp (though i know it's not as relevant these days is smaller than the last few days of the rally to 420 in october, but yes this could be the start of something.
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IncreaseMyT Tone_LLT
2 years ago
Obvious double bottom on longer term charts, just wait til the macD crosses on the 1 week, we will go to 1500 if it does
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IncreaseMyT IncreaseMyT
2 years ago
PS i don't think the 1 day will close at 550, but that is the general direction we are headed before a major pullback. The size of the orders even over 400 is telling
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Tone_LLT IncreaseMyT
2 years ago
yeah i did not mean 550 in one day either, but i'm waiting to see where today ends.... anything goes in this market, i want to see a pull back to the 50-day (perhaps too much traditional trading bias), weather it's from 550 back to 400 or from 450 tomorrow back to 380.

Still a lot of resistance above, hope it breaks them all, but i will not shy away from the fact that I was short btc over the last few weeks looking for a test of the lows between 300 and 330.
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IncreaseMyT Tone_LLT
2 years ago
Maybe it is too traditional, I don't know trading stocks too well. One main reason I think its going up until Black Friday is because we all know the market is heavily manipulated. Big holders want to see BTC succeed. So if they don't pump the price up no one will use their BTC for x-mas products. But if they pump it, its great advertising and it will boost numbers for merchants. May sound silly but same thing happened last year. Just as any downward movement was very small, and it was mostly buying all the way to 1200.
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IncreaseMyT Tone_LLT
2 years ago
did you get back in on this dip?
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Tone_LLT IncreaseMyT
2 years ago
Not exactly, i have an arbitrage play on, should have already exited, but missed a good chance, now waiting for another one... hopefully it will be a good exit so i can profile it in my next article. here is the one that just got published though i started writing it last night when the price was over 460.

http://cointelegraph.com/news/112918/bitcoin-analysis-mid-week-update-nov-13-manipulation
+1 Reply
IncreaseMyT Tone_LLT
2 years ago
Nice article! hopefully this current 1 d candle will turn green and we can start heading to 1k :)
Reply
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