Hi Everyone!! As in our previous post we have indicated that BTC was stuck between 200 EMA and 50 EMA. Our call was to enter a small position with a stop loss under 200 EMA and wait to see if broke above 50 EMA, to enter a larger size poison.
As we predicted falling below 200 EMA has pushed BTC to lower levels and now we are testing 8000-8200 levels. When we look at the current status of the chart BTC has been moving steadily but surely within the red channel. We might test the upper side of the channel( going side ways or moving upwards and touching the top of the channel. Yet I believe we will test the 7500-7400 levels once again. This might lead to a death cross on the chart. However the same thing was about to happen few weeks ago and we saw the %40 pump.Current volume compered to prior 40% increase is lower. So at this point i believe it is risky to open a position to long. Never try to catch a falling knife. lets see if we get a death cross in the next few days and decide accordingly.
Just to remind the golden rules "Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1."
As always just a thought not an advice!!
Previous analysis:
As we predicted falling below 200 EMA has pushed BTC to lower levels and now we are testing 8000-8200 levels. When we look at the current status of the chart BTC has been moving steadily but surely within the red channel. We might test the upper side of the channel( going side ways or moving upwards and touching the top of the channel. Yet I believe we will test the 7500-7400 levels once again. This might lead to a death cross on the chart. However the same thing was about to happen few weeks ago and we saw the %40 pump.Current volume compered to prior 40% increase is lower. So at this point i believe it is risky to open a position to long. Never try to catch a falling knife. lets see if we get a death cross in the next few days and decide accordingly.
Just to remind the golden rules "Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1."
As always just a thought not an advice!!
Previous analysis:
