Bitcoin Correction: Tested 200MA! What next? Correction Over?
Hi guys! It has truly been a huge period of red with the bitcoin correction and cryptocurrency at large. The chart below is a 1 day on BTCUSD, where we just hit the 200MA red line. As expected, there is a bounce back from this line, so we are still looking good for now in the bitcoin market. Unfortunately, the 100MA could not hold us some days back, which from history has always been the area we normally have a bounce back as shown in the chart as well (green line).
However, anything can still happen, so we still have the close of the day candle and the whole weekend to be sure if we will be really holding in this region or not. We should be retesting anyway, so I am personally keeping my fingers crossed and I hope we really hold as this would perceive bitcoin to be extremely weak by investors if it doesn't and that is not going to be a good one. Nevertheless, I still see this as the handwork of institutions to have a stronger hand in the market.
Anyway, this is not a trade suggestion, just my opinion and would love fellow traders to share theirs in the comment section. Luckily, I bought some for long position at $7,700, with a stop loss below the 200MA. After retesting and things end up looking good, I am looking forward to buying more.
What do you guys think? Good move? I know no one can be confident for now with the whole FUD, but do you think we should be good from here, with some consolidation in coming weeks?
By the way, I am hoping to keep sharing my cryptocurrency trade decisions based on my impulse, what I have learned and what I see on the chart. With constructive criticism, I believe I will get better and also help other prospective traders.
Cheers!
I think it will keep falling until 5.5/6.5k. I do agree with that analysis : https://steemit.com/btc/@ew-and-patterns/btc-evening-update-01-02-18
Cheers !
Hmm. Nice analysis but I hope he ends up right. However, there was a pretty big volume within an hour that rushed into bitcoin on bitstamps and I also got from another source that the same thing happened on bitfinex. I want to believe the institutions had a huge play here to drag the value down to $7700 to be able to have a upper hand in the market. I may be wrong, but for now, time will tell and even if we end up going lower, no shit! I may just decide to buy more with fiat. For now, I am still happy I took the $7700 position anyway with the look of things.
I feel like the volume is not too high i believe this can be a dead cat bounce
I don't feel like the whales are there yet, i believe most of them move to the stock market and leave crypto for a while... I see so many people saying in groups things like "hodl hodl hodl", that for me is non sense this is the 3rd biggest crash of the btc and we should be aware of that...
Some people starting to panic posting things like" I'm closing the graphs for a week..." it makes me think that we are entering the panic zone:
Also our sweet mcafee twitted this:
https://twitter.com/officialmcafee/status/959137960003334145
That makes me believe that he wants to manipulate again the market from fear to capitulation as faster as possible. It will be the end of the year in china around 15/16th i believe we could reach despondency around that time... We also had the wall street contracts that most of the people went for long...
What you think about that? Makes sense? Or is just absurd?
Thanks for sharing your opinion, let's learn together :)
Makes a lot of sense. The Dead cat bounce seems to be playing out now though on 1 hour chat. At this stage, I guess I will just have to pick my popcorn, watch in 3D and keep my stop loss active. Thanks a lot for sharing your opinion.
Let's see what happens :)
Disclaimer: I am just a bot trying to be helpful.
Hey @jimybpt Do you mind if I always call you out or mention you in any of my posts? I always like good discussions and people with great opinions. Let me know! Thanks!!
No problem mate ;) when you tag me i can see it in replies right?
Cheers !
Not very sure, but I hope so. I will try it now.