Dear all, this is a year-to-date chart (daily candlesticks) which relies on a simple combination of two factors to predict where we are headed short-term with Bitcoin. Though we are in a downtrend with the 20 day MA below the 50 and the 50 below the 200 I am fairly confident we are headed up short-term. By using a combo of bullish MACD crossovers and TD sequential analysis we see something is happening for the fourth time this year: a bullish MACD crossover (represented by green elliptical's in the MACD rectangle below the chart); and a green 2 (denoted by a orange downward facing arrow), following a red 9 that preceded it by several days. In two of the three previous times this has happened this year Bitcoin has seen relatively good gains in the days that followed but mid-March was an exception to that rule. Make sure to watch Bitcoin should you choose to go long at this point (remember the current MACD crossover is probably imminent but could fail), use your own technical analysis to determine your exit (you could also study the numerical TD sequences on my chart), and use a stop-loss to protect your investment.
Good luck, questions and criticisms welcome.
Good luck, questions and criticisms welcome.
Comment:
For the record I missed a Jul 17 green 2 which coincided with a bullish MACD crossover that should have had an orange arrow highlighting it (look for it). Seems like more evidence of the strategies validity. Interestingly 15 directional sentiment opinions are in the sell camp, 10 neutral, and only 1 long; I'm long. Let's see what Sept. brings if we get a bullish MACD crossover soon.
Comment:
Bullish MACD crossover confirmed and short term anticipated uptrend is in effect. I have not attempted to predict what price point BTC will reach but crude trendline analysis is pointing to the low to mid-7000s
Comment:
Price target reached NOW most people are in the buy camp which mean soon it may be time to sell.