Bitcoin Weekly Close Analysis | Is There Any Hope or Crash Ahead
Updated
Forget about hitting like & follow. Let's read!
Bitcoin weekly is still trading above a very important level and that is EMA50 ($44720).
This is a critical support.
Last time EMA50 was tested as support between May and July. The level held and prices moved up.
So far EMA50 weekly was hit only on the 29-Nov. week. This and the previous week prices have been trading above this level on low volume.
Staying above support can lead to a pullback but, if EMA50 breaks prepare for another strong, long, fast lower-wick as we saw in early December (see here).
We have additional signals on this timeframe like the MACD bearish cross and bearish divergence but we already looked at those in a previous article (see here).
On the daily timeframe, BTCUSD is trading below EMA10 and MA200. This is bad news.
Closing below MA200 specifically today would signal that the bears are not done yet short-term.
If Bitcoin is to recover it needs to happen fast or else we will see another strong crash in a matter of days...
Now you can hit LIKE and FOLLOW.
Thanks a lot for your continued support.
Namaste.
Bitcoin weekly is still trading above a very important level and that is EMA50 ($44720).
This is a critical support.
Last time EMA50 was tested as support between May and July. The level held and prices moved up.
So far EMA50 weekly was hit only on the 29-Nov. week. This and the previous week prices have been trading above this level on low volume.
Staying above support can lead to a pullback but, if EMA50 breaks prepare for another strong, long, fast lower-wick as we saw in early December (see here).
We have additional signals on this timeframe like the MACD bearish cross and bearish divergence but we already looked at those in a previous article (see here).
On the daily timeframe, BTCUSD is trading below EMA10 and MA200. This is bad news.
Closing below MA200 specifically today would signal that the bears are not done yet short-term.
If Bitcoin is to recover it needs to happen fast or else we will see another strong crash in a matter of days...
Now you can hit LIKE and FOLLOW.
Thanks a lot for your continued support.
Namaste.
Note
-----DIVERSIFICATION
When buying an altcoin project as an investment or for speculative purposes, we talk of diversification (previously known as quality within the traditional financial markets-TradFi).
Why diversify?
Why is it good?
The maximum loss you can incur on any purchase ever of any security (stocks, crypto, etc.) is 100% but... The growth potential is literally infinite.
Across the cryptocurrency markets, we have thousands and thousands of Altcoins projects that are available for trading across different exchanges and platforms.
Some of these are bound to fail, most of them...
But quite a few are set to become big and established.
Another portion will grow like there is no tomorrow and bless the buyers with amazing wealth, it can be life changing for many.
We cannot guess or predict which of these projects will be the best and fastest growing ones and so... We diversify.
We diversify to reduce risk, in case the project we choose never takes off.
But as I mentioned in the beginning, with many strong projects with a great future ahead, just buying into one or two of these can erase many loss.
Make sure to diversify...
Once you become experienced you can hold 10-20 pairs or more.
We wait long-term...
The market takes care of the rest.
We buy and we hold.
Study as much as you can while you wait.
Improve your health.
Increase your knowledge.
Be prepared because even though it takes time, you are sure to enjoy the results.
We are in a new and booming market;
No matter what happens today...
Tomorrow, next week, next month;
There will always be more.
Namaste.
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