jackdavidpiney

BTCUSD - 300EMA Target reached and EMA's in general

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As expected:
Opening and closing a daily candlestick below the 200 EMA indicated a hit the 300 EMA .

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With the 55 and 150 emas beginning to cross, we should expect to see the lower side targets
labelled here, based on Price Action (Previous support and resistance ) (Note that we are at a strong level of support here. I am simply waiting for more confirmation)

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If we open and close a daily candle under the 300 EMA I will be going short
aiming for the 6900 (400EMA and diagonal support)

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A strong bounce is very possible here at the 300EMA $7850,
Remember that volume can appear from nowhere, this is why I wait for confirmation either way.

I do not over speculate or over trade.

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Price action based supports line up with the lower EMA's (400 500 600,) If price breaks the current 300 EMA I go short to the 400 EMA with a Stop Loss above the 300 EMA and so on, I take profit or close my positions at each EMA depending on the information I read on the chart at that point in time.

If price bounces here, I go long with my stop loss under the 300 EMA , doing the exact opposite of the above shorting strategy.
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