Bitcoin - The Hype Around 100D MA - Why We Could Retest 50D MA
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// Bitcoin - The Hype Around 100D MA - Why We Could Retest 50D MA
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Bitcoin has been in a free fall lately. I expect the price to reach the 20W SMA to complete this bearish move. However, it does not mean that we will get there today. There has been a lot of talk about the 100D MA. If there could be a small jump from these levels, I believe that people could jump on the hype train and carry us back to the 50D MA, where we would be required to justify our movement.
I would expect the price to not be able to break above those levels. While the smaller timeframes 3H, 6H, 12H seem interesting, bearish MACD divergence in the Weekly, RSI drop in the 2D and 3D timeframes encourage me to adopt more conservative risk management.
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// BULLISH SIGNS
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// BEARISH SIGNS
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Post your ideas about Bitcoin and its price action below in the comments section.
Cheers,
// Bitcoin - The Hype Around 100D MA - Why We Could Retest 50D MA
//=================================
Bitcoin has been in a free fall lately. I expect the price to reach the 20W SMA to complete this bearish move. However, it does not mean that we will get there today. There has been a lot of talk about the 100D MA. If there could be a small jump from these levels, I believe that people could jump on the hype train and carry us back to the 50D MA, where we would be required to justify our movement.
I would expect the price to not be able to break above those levels. While the smaller timeframes 3H, 6H, 12H seem interesting, bearish MACD divergence in the Weekly, RSI drop in the 2D and 3D timeframes encourage me to adopt more conservative risk management.
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// BULLISH SIGNS
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- 100D MA is an important level
- 50K level is a significant psychological and technical level
- 6H Potential MACD Bullish Cross - negative volume is decreasing - could lead to positive price action
- We want to kiss the 50D MA goodbye
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// BEARISH SIGNS
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- 1W Timeframe MACD Divergence - has been really accurate so far
- Multiple rejections from BTC Logarithmic Regression Band Top
- Really long time without a visit by the 20W SMA
Post your ideas about Bitcoin and its price action below in the comments section.
Cheers,
Trade closed: target reached
