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50ma

The 50MA Buy/Sell Line still acting as strong support!We plummeted and after we started to go below the 50% green fib line that was officially creating a new lower low/lower high which is often a signal to short. Had youd one so and follwoed it all the way down to the 50MA you would have come out quite a bit ahead. I would mark this idea as a short if it was being updated at that point...but now we have been already been caught once again by the strong support of the Buy/Sell line(50MA in orange). If we close the current 4 hour candle above that line I will be optimistic of a chance at continuing the upside if we close below it it could mean more downside so for now this idea will have to remain neutral, with if any bias being slightly toward a reversal back to the upside. What's interesting this time around is many altcoins actually did well while btc plummeted this go around which hasn't happened in a long while.
BITFINEX:BTCUSD
by DrDovetail
50MA on 4 hour chart acting as very strong support; Ever since we confirmed the last bear flag breakout the price action was sent down and has tested the 50MA multiple times on the last couple candles....but has only wicked below it maintaining very strong support....however as you can see the projected drop target from the bear flag breakout has not yet been met....what's more we are now essentially forming another bear flag with the bottom trendline of the new bear flag being the 50MA(buy/sell line) It's very possible the 50MA may hold support and prevent us from further downside but the probability is higher that we will dip below it and drop to whatever the projected price drop target of the current bear flag before we completely rebound...possibly leading toe ven more downside....best to play it safe and see how this currently developing bear flag plays out though before making any big decisions....however there seems to be a lot of FUD in the news headlines these days which often gives you a heads up more downside is on the way as well as an impending death cross of the 50MA and 200MA on the day chart in the net few coming days...bot indicitave of more downside...probability favors a continued drop...but at least for now due to the strong support of the 50MA this idea will remain neutral....it will also remain not financial advice....thanks for reading.
BITFINEX:BTCUSD
by DrDovetail
Bitcoin - Support Zones/Future DirectionSupport analysis of both, the previous parabolic move as well as the current slow decline, show areas of support aligning along with impending doom. Currently holding 0.382 Fibonacci, the area below is vulnerable up until the Trend line . At this point an expected rise from the Golden cross approaching within hours (200MA crossing below the 50MA, indicating short term trend upwards) on the 1hr chart along with the longer Weekly chart indicating doom with both the 50(MA) as well as the 100(MA) impending Death Cross (50MA crossing below the 200MA, indicating large waterfall drop, or couple days of trending downwards) The necessity that these cross-overs must occur before uptrend can be established is nothing new although the alignment/strength of both the 50(MA) and the 100(MA) cross-over within close proximity, along the 1hr Golden Cross reversing within this time period to another Death cross, could be a triple threat add pressure to trend downwards. Ichimoku cloud squeezing price range under $10,000 and seems it would take rally similar to last to enable support from this indicator, with volume stagnate, only rising in bursts, realistically 2 times lower then needed, this is currently not possible. RSI currently holding 40, small room with the golden cross approaching before being oversold. Would expect large rise in RSI and price to rebound after/during cross leading along trend line . MACD would need to see some price action to cross-over into positive rise, this could be possible if the Golden Cross plays out, could push price higher during this short few day period although the divergence appears to be slowing. Taking a monetary view of the market, USDT trading was very slowly being replaced with real USD, volume non-existent, FUD, the only "support" channel seems to be along the trend line . this would increase pressure on this support in such a weak and reactive market and only a sharp incline in price would allow Investors back in (Investors don't buy dips, they buy on the rise). Underlining the whole situation is trader's don't believe in the underlying technology (if anything only bitcoin -2.58% ), announcements are being held back until dust settles and constant FUD right at critical support levels. Although the technology hasn't changed from last year, the market has. It seems all indicators are at lowish levels in which a market with "legs" would jump on, but carnivorous nature of this risk built market would ensure lows are low and highs are high. Short term trade, wait for the indicators to mature and align with others, a rise should be expected within the Golden Cross up until the Death Cross comes into play (50MA expected 23rd March), Alt coin funds will be indicator of reversal, flowing heavily into tether (USDT) and BTC at this stage. One indicator that I don't have access to is if large enough funds have a Fake-out planned...and can pull it off...and hit stop losses. A correction would still occur, long term hold your ground, the market will survive. BTC -2.62% is seeing some tough times , so I should write this: ***Education Purposes only***
BITFINEX:BTCUSDShort
by CerealTrader
Breakout is confirmed 50 SMA now acting as support!Exciting to see we have confirmed the breakout of the wedge....wedge breakouts tend to have very reliable projected target prices and this one goes all the way to $10335. I have updated my chart to show which fib lines, trendlines, and moving averages can act as support or resistance along the way. The only EMA I have on the chart currently is the T-Line...simply because the Simple moving averages have been acting much more like support/resistance lately than the eponential moving averages have....if that changes I will certainly include any pertinent EMAs on my chart. For now we can see that what was strong resistance at the 50MA (aka the buy sell line) has now flipped to support. This is huge because if we can continue to ahve the 50 MA act as support for 4 more 4 hr candle closes that will mean we are back in a buyers market. Considering the reliability of wedge patterns achieving their breakout targets I'd say that is a high probability, but still something to keep an eye on if for some reason it dips back below it. the current resistance is a previous green fib line as you can see. It bounced down off it and then confirmed the 50MA as support after bouncing up off the 50MA a very very good sign. I'd say keep an eye on the 50MA to make sure it maintains support...if so I have a feeling the green fib line will be resistance for a very temporary amount of time and we will be back in the buyers market soon....suggesting that the second quarter of this year will hopefully be a bullish one.
BITFINEX:BTCUSDLong
by DrDovetail