Crypto family bitcoin is here to stay but we a bumpy few more month. Let Jump into the daily chart. As you can see in the daily chart we have ton of conjunction or Buy liquidity run between 11,500-12,000. Many trader were calling the head and shoulder pattern break out especially when BTC/USD broke the bearish upper trend line. As you can see we fail to break those previous highs of 11,810 and close above 12,000. In order to call a head and shoulder BTC/USD needed to close or touch 12,400-13,000 and as you can see we never broke those levels and we reenter the bearish channel.
Moreover, in my charts i normally use the 50 day moving average and 200 day moving average for direction of the market. The 50 MA is normally use to add to your long term position in a bullish trend or to buy in to a market for the first time. The 200 MA is the king of moving averages because is the major market mover. Normally, When the 200 MA is broken normally market fall into a bear market. However, If the market brakes above the 200 MA similar to the one we saw from 8k to 12k.
However, Ive been bearish in BTC due to the fact the 50 ma is moving lower and 200 ma is moving higher which can make any trading product bearish. Also, If we look at the volume we see spike in volume when the candle is bearish and lower volume when the candle is bullish.
One major point that i saw was the reversal when BTCUSD broke the 200 MA which was a bearish market fake-out . Similar to the " Bullish break out when we broke the 50 MA". I do believe if we brake the 200 MA we will go into a crypto bear market will take 6 month to 18 month to recover. One key note to notice in the chart is the blue ANCHOR , the Anchor is pointing March 16, 2018 and this level is 3016. March 15,2018 is the closing date of the futures contract. I personal believe that BTC will hit 3k due to regulations.
I see this a great opportunity when other are fearful, you should be a buyer. At the current moment , i hold 5 coin in which i have 30% of my cash and holding the other 70% to buy lower. However, if we brake above 12k i will buy into the market because a new bullish wave is coming.
I will like to get comments to this great community as well as are in this crypto wave for the long term.
By,
Francisco Ortiz (Sculptor Of Success)
Moreover, in my charts i normally use the 50 day moving average and 200 day moving average for direction of the market. The 50 MA is normally use to add to your long term position in a bullish trend or to buy in to a market for the first time. The 200 MA is the king of moving averages because is the major market mover. Normally, When the 200 MA is broken normally market fall into a bear market. However, If the market brakes above the 200 MA similar to the one we saw from 8k to 12k.
However, Ive been bearish in BTC due to the fact the 50 ma is moving lower and 200 ma is moving higher which can make any trading product bearish. Also, If we look at the volume we see spike in volume when the candle is bearish and lower volume when the candle is bullish.
One major point that i saw was the reversal when BTCUSD broke the 200 MA which was a bearish market fake-out . Similar to the " Bullish break out when we broke the 50 MA". I do believe if we brake the 200 MA we will go into a crypto bear market will take 6 month to 18 month to recover. One key note to notice in the chart is the blue ANCHOR , the Anchor is pointing March 16, 2018 and this level is 3016. March 15,2018 is the closing date of the futures contract. I personal believe that BTC will hit 3k due to regulations.
I see this a great opportunity when other are fearful, you should be a buyer. At the current moment , i hold 5 coin in which i have 30% of my cash and holding the other 70% to buy lower. However, if we brake above 12k i will buy into the market because a new bullish wave is coming.
I will like to get comments to this great community as well as are in this crypto wave for the long term.
By,
Francisco Ortiz (Sculptor Of Success)