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How to Approach Bitcoin Short Term Bearish SignalsI'm still long at $7800 and took some profit so I could lower stop, but the bearish movement is now about 4 weeks old and we are well below the 200 SMA and closing dailies below the 200 EMA, so BTC will have a lot of work to do the remaining 30 days of this cycle to prove its ready to trend bullish. If we end up with a left translated cycle or a failed cycle below $7k then I close my long (if not stopped out) and switch to a bearish/neutral posture and start to do more short term trading (likely both directions). I will not look for long term longs anymore. That doesn't mean we can't go up. It just means that I will need to see a full bullish right translated cycle that gets back above the major 200's for me to shift back into a long swing trade.
BITSTAMP:BTCUSDLong
by rzmb44
Bitcoin Still Bullish, But What Can Go Wrong?This is a bearish chart, but let me clarify that I"m still bullish, still long at $7800 and still looking for bull market to re-ignite. But is important as a trader to understand what can go wrong and adapt. What if this rally and cycle fails, what happens if mid December is the yearly cycle low? The simple answer is that we would have some very bearish market structure and be well below major MA's. The consolidation would be too long and chances of going into a long term bear market would be much higher. I would no longer be looking to enter a long swing trade. I would shift to more short term trading and eventually look to swing trade major resistance short.
BITFINEX:BTCUSDLong
by rzmb44
1
Update on Bitcoin Long and Key LevelsIf you followed my last 2 videos, I mentioned that that green zone under $7400 would be a good long, that most people were too bearish and putting too much emphasis on being below the 200 DSMA. Also, explained why time/cycle analysis showed this to be a good time to buy. Also, when bitcoin turns, it becomes a fast moving train that has a tendency to leave everyone at the station and thats exactly what happened. Still, its only 2 days and while its a good start for igniting a new bullish trend, we need to see bulls come in and stabilize the market. We want to see some good daily closes over key levels. Then start to become dip buyers and build the position.
COINBASE:BTCUSDLong
by rzmb44
1