BTC 200 MA: Will it hold?
I am currently watching the 200 MA daily of btc. Its around 4600 and so far we are above it.
That seems a very significant price point.
I am overall expecting a very violent upmove and crash. We have done this every time in the bear markets so far to end it.
The jump above 5k may have been it, but i think this move will go on a few more days.
What are your thoughts on price action now?
Well I think definitely that the cryptowinter is over and there are lots of bulls ready to buy cryptos. I think this is a good moment to buy thinking about the long term.
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The 200 day MA is definitely a major key point for us, but I'd rather go with the previous resistance at ~4300$. Notice how the Ichimoku support cloud aligns perfectly in the 0.382 & 0.5 Fibonacci retracement channel, which is exactly (like magic) at the previous resistance level. The RSI is way too high, so a correction will most probably going to happen.
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I think BTC just established itself a new trading range between 4400$ and 5000$.
I expect some choppy high volatile consolidation patterns in this range. If BTC can maintain its new support zone around 4400$ (old resistance becomes new support) than this move could potentially be the start of a new bull market.
At least one argument of the bears is gone... BTC now managed to make a new higher high and a higher low!
Excitement is coming back into the space which is awesome!
Ich rufe hiermit den finalen Boden aus. Von jetzt an geht es zum Mond. Allerdings nicht so schnell.
Es bleibt spannend aber den Boden jetzt schon ausrufen ist mutig. Ich hoffe natürlich das du Recht behälst!
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It was pretty weird to wake up to this! Anyway, for what it is worth, I think people will be taking profits in the next few days... It's coming back down. Hopefully ending up a bit higher than before.
Although that said, it is hard to rule out FOMO after such a long period of low prices..
I am currently looking at the weekly 200 EMA which It is currently about 4130. If we can keep this week above it, ideally open and close the next week above to, I may finally conceit that we are out of the bear market.
Funnily, I posted about this just minutes ago. https://steemit.com/bitcoin/@citizenkane/bitcoin-just-violently-crossed-what-likely-is-an-important-threshold
This sudden up move is indicating a sudden fall move too. People are saying we are out of the bear market, but I think we could go down again to ensure further up move. If 200 Ma holds for at least 4 weeks, we may have survived the longest bear market.
Put on your space boots, we are going to the moon. There will be plenty of turbulence along the way, but just hodl on a little longer till we get up past the atmosphere.
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Greetings,
For me, I believe it is to power up, for long term investment.
For immediate gains, I think games can do the trick.
Which game you want to spend the time to will make a big difference.
regards
@knircky, Now waiting period is extending more and more. Let's hope that we can see the stable uptrend and it will continue effectively.