Bitcoin TA: May 30th, 2018
TA from a trusted analyst:
We've got the BTC 4h chart. This morning we saw a quick drop of $180-200. This is not surprising because we got fast movement up due to a decent short squeeze yesterday. I would suspect that BTC will either play out the purple ellipse or the green. Given that we're so close to the 6th theory i'd say we'll play it out like the purple. I'm hoping we touch the bottom of that ascending trend line and bounce up. The gold line is the 50 MA. As you can see we could not even break above it for a few hours. The purple is the 40 EMA and the blue is the 20 EMA. I've said this before that usually if the 1h, 4h, and the 1d all have these two EMAs crossed, it is a safe confirmation to entry. So far only the 1h crossed the 40 is under the 20. The 4h clearly has not crossed yet. This is why I did not advise entry yesterday. But I did say that if you were feeling that fomo set in, please set a tight SL. Let's see how BTC does for the rest of the day.
I am doing my best to help you guys only buy in when the market gives you us clear entry signals. Aside from that, I do not believe in catching a falling knife. I want to protect my hands and yours. The best way to win in this market is to preserve your capital with strong confirmations, tight SL, and profit taking on the way up.