50 day moving average turns from support to resistance

in bitcoin •  11 months ago

OK OK I am obsessed with the 50 day Moving average but the daily moving averages are the most looked at indicators by traders. So whether by intrinsic value or by virtue of a self fulfilling prophecy, the moving averages are important.

The 50D MA in orange has acted as support for months now, with strong bounces off it each time. That was until the last month now when the bounces became weaker and more frequent until finally 2 days ago it broke.

Since then we have retested the 50D MA, which is now acting as resistance, twice. So far it has held and rejected the increases, but it is, as of writing this, being tested again again now.

On the down side the bottom of the cloud and the year long trend line seem to be acting as support around 12 - 12.8.

I will be looking for it to bounce between these support and resistance for a few days before breaking one. Neither have been heavily tested as of yet.

My plan

I am currently flat, with buys set at 12k (trend line), 10k (100D MA, psychological support) and 8K (bottom of year long trend)

Thanks for reading.

KevinBacon





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I'm feeling an alt-coin sell off here soon and a ton of money coming back into BTC. The exchanges are crazy right now. What do you think?

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the only alt I see being able to do that is ethereum. Ripple already had a 50% sell off, BCH seems to be ranging 0.1 - 0.2, ADA is mostly paper money without enough volume to leave it, and the other alts too small.

So question is will ETH sell off to inflate BTC? For me, maybe but not something I'd bet on. eth/btc ATH is 0.15 which is still a long way off. My personal opinion is that eth is better tech and has a more sure future so I wont be betting on that. But it is certainly looking overbought on a lot of metrics.

how do you think or your prediction about bitcoin price in 2018 whether it will be increasing or going down.
I just want to survey some people's opinions

Bitcoin is getting scary a bit tho

thanks for this good post i gave upvote and follow you @kevinbacon please follow me friend @exchangetimes