I'm going to keep this short and sweet. I think we all have read just about every published idea on where BTC is headed in the coming weeks looking at fractals, Fibonacci, EW theory and some 5th grader . At the end of the day in a bear market it's rather simple to identify resistance levels especially when they have fallen from just about every short term and long term moving average!!!!! So present to you Bitcoin and the MA Ribbon indicator! which using around 20 MA's ranging from 5 day to 100 day.
Bitcoin has been following a since the infamous death cross where the 20 day fell under the 50 day. Duh.
But who would have known that Bitcoin would easily drop below the 200MA like light getting near a blackhole? Especially those unfortunate ones who got caught in the whipsaw near 19,500.
Fast forward who cares about the past right now. Let's make the trend our friend and put together a long term trade. Using the MA Ribbon indicator is just ONE fantastic visual tool in identifying possible trend reversals. It's pretty simple. You wait for the zone to start changing to a brownish and then greenisshhh color and then you watch for a little bit and if the , DMI and have pointed or signaling a maybe it's time to setup a trade. The key here is you have to use as always your momentum indicators as well to confirm the move.
I'm with a lot of analysts who are short on Bitcoin momentum right now. It is facing a lot of resistance trying to get over the MA200 and the longer it stays below it will signal the bulls are getting tired. The bears will start feasting and we will buy in the dips again. When is heavily oversold. But as the saying goes don't try and catch a falling knife. So be careful.