Bitcoin - A Day Of Indecision [13.3.2018]
The battle for the 200 SMA is still ON ! Bulls and Bears are also aware of the importance of this key level and the whole day we are watching how bulls defend and bears attack the 9000$ Level. Todays price action is mainly in the range of 8950 - 9250$. Earlier today the price was pumped up to 9450$ but that was pretty short lived and after just few hours we were at the lows for the day.
Currently we are just above the 200 Simple Moving Average ( The most significant indicator for longer term trend). The 200 SMA is the blue line on the chart above and currently it is at 9027$. The short term EMA (21-day, yellow line and 8-day, red line) are catching up with long-term MA. It is certain that we will have a good move in one of the directions, the question is in which direction.
To be honest there are enough signals for both sides, which most of the times means that waiting is the best option. If I had to choose I would choose the short side, just because I believe we are still in a bear market.
What's Next ?
- The first big resistance for BTC is 9550$ where the resistance line and the 8-day EMA are situated.
- Second big resistance is 9900$ (The 50-day MA)
- First support is at 9027$ (200 SMA)
- 8400$ is the next level to watch
Whats your opinion for the market in general ? Share with us in the comments :)
I'm watching to see if it can now regain the 200 dma in a big way. A double dip below the 200 can mark an important low for a counter trend within a larger trend.
The question is whether the larger trend is still intact or not. My fundamental analysis of BTC and the sector tells me the larger trend is still intact. Whether that means eventual new highs, or a double top, is the next big question, but, with that one, I have no opinion yet.
I think the long term trend is always a point of view. I have the big book on Dow Jones Theory. I have to look in it for when the long-term trend is broken. I typically don't buy an asset if it is below the 200 SMA, I prefer to buy when it reclaims it. Of course this is for my trading account, as a crypto enthusiast I have entry points for my favourite projects and if they hit my price I would gladly buy.
However I mainly look at BTC, at the moment (as we have commented before) I think only BTC matters. If it continues to drop, everything will sell-off until all the weak hands are out.
I think we all believe in the long-term prosperity, thats why most of us have investment accounts and trading accounts. I believe that if we go under a certain price level in BTC, it will get very nasty as margin calls will occur all over the place, which wil be the golden opportunity for people, who sit on cash. If BTC hlds and advances a lot higher - I am still happy with these discounts. :)
Also, are you familiar with the "death cross" ?
We've got a possible death cross on deck for BTC, but this is also where both can start to flatten and mark the point where the 50 begins to turn back higher. That's also classic at this stage if the larger trend is still intact. You can even see a couple of days below the 200, a fake out lower to wash out the last of the weak longs . . . talking, as always in this context, about the situation where the larger trend is still intact.
The market is still in the hands of Bear. Btc price moves to downwards, but there is less chance to the next level of $8400. Market cap is still $363B. There is a far distance to cross again $500B. upvoted and resteemed.
Yes, After we broke the 200 SMA today the way down was very expected. I anticipate a volatile few days :)
These current fluctuations are difficult times
For future viewers: price of bitcoin at the moment of posting is 9080.00USD
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The behavior or the current trend is very similar to what we saw through august and september of 2017 on a much larger scale. If the current trend continues in the same fashion, we are on the verge of another larger and longer bull run.
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Its very low.I hope it recover.