economistLisbon
Short

BTCUSD 50MA to go below 200MA

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I would like to first thank Trading View foe the wonderful opportunity it is, to be ale to share ideas on this platform. I am very sure I will learn immensely with many trader who publish regularly here regularly.

Concerning BTCUSD , it is safe to say that we can anticipate a big test in the coming few days, concerning the "death cross" of the 50MA and the 200MA, on the daily chart .
One cannot be sure if so will happen, but for sure only the most experienced amongst us should be willing to take on a bet in this moment.

There were several buy opportunities below 8k in the last few weeks. Bears should wait for the referred cross test, with a Stop Loss at 11.5k.

Personally, I do still expect a Fibonnaci retracement of 0.786 to 5k (with the low of 1k on 01-01-2017 and the high of 20k on 17-12-2017), waiting for buy opportunities at any level between 5k and 6k.
So u r advocating that just because 50 ma and 200 ma had crossed over on daily chart, it will drop down to 0.786 fib level? Also what is your logical back up of choosing the two low/high points? Is it the whole structure cycle of a impulsive wave? I think it’s kinda subjective.
Reply
economistLisbon Tommy_Heize
@Coin_Trader_, thank you very much for your comment. There was a high of $1200 on 05-12-2013. After this there was a low below $100 on 10-02-2014.

Coincidentally or not, 01-01-2017 marked the first time in some years that bitcoin reached again $1000 (bitstamp, bitfinex and coinbase).

Of course, on the Fibonnaci retracement graph, the position on the x-axis (date) does not matter. Only the coordinates on the y-axis (price) do in fact matter.

That day is, both by being the first of a new and very important year for bitcoin and also by having the price reaching again $1000, an important historical reference in the cryptocurrency space.

That is why the coordinates of the beginning point of the Fibonnaci retracement I referred are on that very special day.
Reply
Tommy_Heize economistLisbon
@economistLisbon, hmm i see! thanks for letting me know!
Reply
Yes been looking at that cross and wondering how low we will go, looking back in time this almost happened a couple of times but then just missed crossing and turned back up, that said I think this correction has been so big that we are not out of the woods yet. Hard to know how to play it as I have no more fiat to spend and too nervous to short and getting caught out. My heart says HODL brain says short and buy back lower, will keep an eye on the indicators, thanks for pointing this out as many others seem too bullish at this stage :-)
+1 Reply
economistLisbon erolsuleyman
@erolsuleyman, you welcome. During these times, the best is to be neutral, not buy nor sell. Those who have available fit money can always opt to wait for the test of the crossing of the two MAs.

If there is a cross, much better buying opportunities will come.

If there isn't a cross, any level below 10k is a good buying opportunity in the long run.

Instead of always wanting to be bulls or bears, it is safer for investors and traders to be a patient buyers at this time and just to wait for a good buying opportunity. It is very risky to make a sell now.

Personally I won't sell, as I am invested on cryptocurrencies for the long run. But I am waiting for a better buying opportunity below 6k.
Reply
erolsuleyman economistLisbon
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out