josephtse

Possible fall back to $10,400 for BTC?

BITFINEX:BTCUSD   Bitcoin / Dollar
Why does this look like another bull trap/overhead resistance? 50dma (orange is crossing the 150dma (red) down. the 75dma (pink) is crossing the 100dma (purple) down on the 12H graph from the 16th. The 100dma (purple) is rolling over, and the 200dma (white) will be next in a few weeks/months. Follow the moving averages and you will know where prices is going/confined within. Right now it is hugging that white 200dma line, and trapped underneath the 3 overhead moving averages, which are converging into the 200dma. Tons of overhead resistance as we have 3 moving averages overhead, but price range will narrow here to consolidate within a tight range, being limited to the highest MA which is at 14,000 the 100dma.

snapshot

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