Bitcoin still respecting the 50 day moving average, barely

kevinbacon (53)in #bitcoin • 7 years ago

Just a short update on my last post where amongst other things I discussed the 50 day moving average and how bitcoin has bounced off of it multiple times in the last 3 months.

I anticipated a bounce on the 50 day (orange line) and we got a small one, but certainly not as robust a one as we got the last 3 times. In Fact it touched it again yesterday and again today.

Also the bounce failed to break the recent downward trend (straight red line).

If both of these lines are indeed support and resistance they will come to a head of the next few days.

If it breaks down we can expect a retest of the 100 day average (light blue line) like back in september and if it breaks up we can expect a retest of the ATH.

My plan

I am currently long with a buy at the 50 day average 2 days ago. If we break down I will close my long and wait to buy at the 100 day, around $9300.

If it breaks up I will add to my long with some profit taking pre ATH.

Thanks for reading.

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