Though this bounce is crypto has been subdued, we are seeing positive developments with Bitcoin (and many others).
200 Day Moving Average
There are dozens of moving averages you can use, but the more you zoom in the more it just becomes "noise." Thus, I generally just use the 200 day when charting crypto to help me establish a bull/bear case.
The average (see the blue line) was my target point when we were much higher as possible downside risk. We poked through it and price bounced back above.
Over the last couple days we got a small pullback too the 200 MA and as of the current daily candle price is rallying off of it. This is positive price action, pretty simple no rocket science here.
Bitcoin still has much work do to as we are still deep in a descending channel though. Maintaining above the 200 MA would be ideal.
In the video below I explain things in a bit more detail...
Wanna Learn How to Read Crypto Charts and Invest Like The Cat?
These Videos Teach You The Three Simple Things I Use:
https://tradingeducationblogs.com/scg-crypto-investing/
Need to learn the basics about bitcoin, the blockchain and wallets?
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
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Digging the video mate, great work.
For me, nothing beats price and how it reacts around support/resistance levels. Do you use the MA as a dynamic level to actually trade off, or just as a guide for trend?
The 50, 100 and 200 seem to be the standards that people look at. They all see a reaction at different points. What are your thoughts on using them?
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Nah, you know me mate. I'm all about support/resistance and trendlines when it comes to crypto. Trades to clean to need more. I use the 200 MA as a gauge to recognize when price has gotten silly high or over corrected.
I used all three of those MAs more when I was day trading. In fact the 200 MA made for a great play on the S&P 500 on friday, had I'd been paying attention to stocks LOL
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Thanks for your post. I just took the link to learn about cryptocurrency. I will follow and watch your post to learn more from you. Thank again for sharing. I believe that bitcoin will soon start moving again.
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i tink the market correction is over and BTC will start to surge, and after the chinese new year analyst are predicting a surge in the coin market led by BTC
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Hopefully that higher low holds!
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Yeah, for real!
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nice post.thanks for shearing.
very nice video.
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Looks like a down hill slide chart.
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As always thanks for the update!
@bloggerslife
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It'd be nice to see it go back up...so my dinky coins start doing something :)
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Yeah, especially cus alot of alts are acting better than BTC, so once BTC gets in gear they should really go.
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Hey, Do you think its worth it to HODL Bitcoin at the moment? Followed you too
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Interesting article! Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!
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