Ok at the moment the bitcoin is holding on by a thread to the 200EMA, it's bouncing off this and going up to bang on the .618 FIB......
Who's going to win the fight, let's bring some clear factors into play.
Money into Bitcoin daily currently is on a decline and money getting taken out of the market has increased.
How do we expect a bull run without and momentum, Bitcoin needs some miracles of strong fundamentals to break the .618 FIB or unless the US is still in bed and haven't opened their wallets yet.
Once we break the 200EMA here is what I will do, I will close my Alt trades temporarily as they will see a sharp decline the same as 2 days ago when we broke low on the same 200EMA. I will then rebuy and trade again when we hit next support down (black lines)
Now i would advise everyone on their trading view accounts to create an alarm for the on BTC and set the alarm to alert you when the BTC crosses the 200EMA. Also just incase somehow (unlikely i think) we break the .618fib set a second alarm at it's price which is shown as the blue line off to the right of the chart, set it at $9432.
Yesterdays close was interesting and had tendencies as we had some heavy buys come in but this weekend can't support it i believe and we will fall again.
So 2 alarms set and you won't need a update until either 1 of them alarms ring then we will know direction.
I hope you liked this it's simple as today's position is simple and nothing complicated about BTC .
Cash Is King! Yesterday we had a number of successful trades we are only aiming for 4-10% a day in these market conditions but feel free to join in on trades.
I put some of yesterdays trades below in related articles for you to view and see results.
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